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Evaluate the balance sheet presented

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WRITING (Critique of Balance Sheet Format and Content) The following is the balance sheet of Sameed Brothers Corporation (000s omitted).

SAMEED BROTHERS CORPORATION
Balance Sheet
December 31, 2017
Assets
Current assets
  Cash $26,000
  Marketable securities 18,000
  Accounts receivable 25,000
  Inventory 20,000
  Supplies 4,000
  Stock investment in subsidiary company  20,000 $113,000
Investments
  Treasury stock 25,000
Property, plant, and equipment
  Buildings and land 91,000
  Less: Reserve for depreciation  31,000 60,000
Other assets
  Cash surrender value of life insurance 19,000
    Total assets $217,000
         
Liabilities and Stockholders' Equity
Current liabilities
  Accounts payable $22,000
  Reserve for income taxes 15,000
  Customers' accounts with credit balances       1 $ 37,001
Deferred credits
  Unamortized premium on bonds payable 2,000
Long-term liabilities
  Bonds payable   60,000
    Total liabilities 99,001
Common stock
  Common stock, par $5 85,000
  Earned surplus 24,999
  Cash dividends declared    8,000  117,999
   Total liabilities and stockholders' equity $217,000
         

Instructions

Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.

Reference no: EM131763652

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