Pension obligation is considered a long-term liability

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Reference no: EM13919238

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

UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2014
Current assets
Cash		$233,760
Accounts receivable (net)		343,760
Inventory (lower-of-average-cost-or-market)		404,760
Equity investments (trading)-at cost (fair value $124,380)		144,380
Property, plant, and equipment
Buildings (net)		574,380
Equipment (net)		164,380
Land held for future use		179,380
Intangible assets
Goodwill		83,760
Cash surrender value of life insurance		93,760
Prepaid expenses		15,760
Current liabilities
Accounts payable		139,380
Notes payable (due next year)		128,760
Pension obligation		86,380
Rent payable		52,760
Premium on bonds payable		56,760
Long-term liabilities
Bonds payable		504,380
Stockholders' equity
Common stock, $1.00 par, authorized 400,000 shares, issued 293,760		293,760
Additional paid-in capital		163,760
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $163,760 and for the equipment, $108,760. The allowance for doubtful accounts has a balance of $20,760. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Uhura Company
Balance Sheet
December 31, 2014

Reference no: EM13919238

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