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Problem 5-3 The adjusted trial balance of Culver Company and other related information for the year...

Problem 5-3

The adjusted trial balance of Culver Company and other related information for the year 2017 are presented as follows.

CULVER COMPANY
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2017

Debit

Credit

Cash

$   45,370

Accounts Receivable

167,870

Allowance for Doubtful Accounts

$    9,050

Prepaid Insurance

6,250

Inventory

212,870

Equity Investments (long-term)

343,370

Land

89,370

Construction in Progress (building)

128,370

Patents

36,000

Equipment

404,370

Accumulated Depreciation-Equipment

240,350

Discount on Bonds Payable

20,000

Accounts Payable

152,370

Accrued Liabilities

53,570

Notes Payable

98,370

Bonds Payable

204,370

Common Stock

504,370

Paid-in Capital in Excess of Par-Common Stock

45,000

Retained Earnings

   

146,390

$1,453,840

$1,453,840


Additional information:

1. The LIFO method of inventory value is used.
2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $89,370, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5. Of the discount on bonds payable, $2,000 will be amortized in 2018.
6. The notes payable represent bank loans that are secured by long-term investments carried at $124,370. These bank loans are due in 2018.
7. The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2028.
8. 600,000 shares of common stock of a par value of $1 were authorized, of which 504,370 shares were issued and outstanding.


Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Solutions

Expert Solution

since the given trial balance is an adjusted trial balance, we can assume that other additional information is already considered while computing the amount.

Balance sheet as on 31st December 31, 2017

ekkarill92 answered 2 years ago
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