Inventories are valued at lower-of-cost-or-market using lifo

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Reference no: EM13848705

Finished Goods $52,000 Cost of Goods Sold $2,100,000
Unearned Revenue 90,000 Notes Receivable 40,000
Equipment 253,000 Accounts Receivable 161,000
Work in Process 34,000 Raw Materials 207,000
Cash 37,000 Supplies Expense 60,000
Equity Investments (Short-term) 31,000 Allowance for Doubtful Accounts 12,000
Customer Advances 36,000 Licenses 18,000
Cash Restricted for Plant Expansion 50,000 Additional Paid-in Capital 88,000
    Treasury Stock 22,000

 
The following additional information is available:

1. Inventories are valued at lower-of-cost-or-market using LIFO.

2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600

3. The short-term investments have a fair value of $29,000 (Assume they are trading securities.)

4. The notes receivables are due April 30, 2016, with interest receivable every April 30. The notes bear interest at 6%(Hint: Accrue interest due on December 31, 2014.)

5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan.

6. Licenses are recorded net of accumulated amortization of $14,000

7. Treasury stock is recorded at cost.

Reference no: EM13848705

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