Create a revised balance sheet given available information

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Reference no: EM131989134

Problem

Tamarisk Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.

TAMARISK COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017
Current assets
Cash	$231,500
Accounts receivable (net)	341,500
Inventory (lower-of-average-cost-or-market)	402,500
Equity investments (trading)-at cost (fair value $121,500)	141,500
Property, plant, and equipment
Buildings (net)	571,500
Equipment (net)	161,500
Land held for future use	176,500
Intangible assets
Goodwill	81,500
Cash surrender value of life insurance	91,500
Prepaid expenses	13,500
Current liabilities
Accounts payable	136,500
Notes payable (due next year)	126,500
Pension obligation	83,500
Rent payable	50,500
Premium on bonds payable	54,500
Long-term liabilities
Bonds payable	501,500
Stockholders' equity
Common stock, $1.00 par, authorized 400,000 shares, issued 291,500	291,500
Additional paid-in capital	161,500
Retained earnings	?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $161,500 and for the equipment, $106,500. The allowance for doubtful accounts has a balance of $18,500. The pension obligation is considered a long-term liability.

Reference no: EM131989134

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