Question

The following information was obtained from the accounts of Arshdeep Inc as of December 31, 2019:

Common stock, authorized 21,000 shares at $1

Per value, issued 10,000 shares $10,000

Additional paid in capital $38,000

Cash $13,000

Marketable securities $17,000

Accounts receivable $26,000

Accounts payable $15,000

Current maturity and long term dept $11,000

Mortgages payable $80,000

Bonds payable $70,000

Inventory $30,000

Land and buildings $57,000

Machinery and equipment $125,000

Goodwill $8,000

Patents $10,000

Other assets $50,000

Deferred income taxes (long term liability) $18,000

Retained earnings $33,000

Accumulated depreciation $61,000

Required:

Prepare a balance sheet in report form

Answer 1

Arshdeep Inc
Balance Sheet
At December 31, 2019
Assets		Amount
Current Assets:
Cash	13,000
Marketable securities	17,000
Accounts receivable	26,000
Inventory	30,000
Total Current Assets		86,000
Plant,Assets :
Land and buildings	57,000
Machinery and equipment	125,000
Less: Accumulated depreciation- Machinery and equipment	-61,000
Total plant asset		121,000
Intangible assets:
Goodwill	8,000
Patents	10,000
Total intangible assets		18,000
Other assets		50,000
Total Assets		$275,000
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable	15,000
Current maturity and long term dept	11,000
Total Current liabilities		15,000
Long term liabilities:
Mortgages payable	80,000
Bonds payable	70,000
Deferred income taxes (long term liability)	18,000
Total long term liabilities		168,000
Stockholders Equity:
Common stock	21,000
Additional paid in capital	38,000
Retained earnings	33,000
Total stockholders equity		92,000
Total Liabilities & Stockholders Equity		$275,000

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