Comprehensive Balance Sheet and Income Statement

Course Project

Comprehensive Balance Sheet
December 31st 2012

Assets
Current Assets
Cash $42,485
Account Receivable $165,824
Allowance for Doubtful accounts 1,850
Net Accounts Receivable 163,974
Inventories 499,493
Securities (available for sale/at fair market value) 28,250
Notes Receivable (due next year) 23,000
Prepaid Expenses 16,252
Total Current Assets……………………………………………………………………………………$773,454

Non-Current Assets
Investments in Warren Co. $87,500
Land 125,000
Building $975,800
Accumulated Depreciation 341,200
Net building 634,600
Goodwill 100,000
Patents 125,000
Copyrights 105,000
Trademarks 80,000
Deposits with Vendors 50,000
Total Noncurrent Assets ……………………………………………………………………………… $1,307,100

Total Assets $2,080,554

Liabilities and Stockholder’s Equity Liabilities Current Liabilities Accounts Payable $197,532 Income Taxes Payable 62,520 Salaries Payable 52,000 Notes Payable to Banks 50,000 Mortgage Payable-current portion 18,000 Accrued Liabilities 9,500 Accrued Interest on Notes payable 500 Customer Deposits (expected to be paid next year) 420 Total Current Liabilities……………………………………………………………………………………. $390,472 Non-Current Liabilities Mortgage Payable $290,000 Twenty-year, 12% Bonds, due 1/01/13 500,000 Total Non-current Liabilities………………………………………………………………………………. $790,000 Total Liabilities $1,180,472
Stockholder’s equity Preferred Stock, 7% $300,000 Common Stock 400,000 Additional Paid-in Capital 37,500 Retained Earnings 162,582 Total Stockholders’ equity………………………………………………………………………………... $900,000

Total Liabilities