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In: Accounting

Prepare a balance sheet in report form as of December 31, 2016. * Balance sheet data:...

Prepare a balance sheet in report form as of December 31, 2016. *

Balance sheet data:
Accounts payable	$ 194,300
Accounts receivable	545,000
Accumulated depreciation—office buildings and equipment	1,580,000
Accumulated depreciation—store buildings and equipment	4,126,000
Allowance for doubtful accounts	8,450
Available-for-sale investments (at cost)	260,130
Bonds payable, 5%, due 2024	500,000
Cash	246,000
Common stock, $20 par
(400,000 shares authorized; 100,000 shares issued, 94,600 outstanding)	2,000,000
Dividends:
Cash dividends for common stock	155,120
Cash dividends for preferred stock	100,000
Goodwill	500,000
Income tax payable	44,000
Interest receivable	1,125
Investment in Pinkberry Co. stock (equity method)	1,009,300
Investments-Dream Inc. bonds (long term)	90,000
Merchandise inventory (December 31, 2016),
at lower of cost (FIFO) or market	778,000
Office buildings and equipment	4,320,000
Paid-in capital from sale of treasury stock	13,000
Excess of issue price over par:
-Common	886,800
-Preferred	150,000
Preferred 5% stock, $80 par
(30,000 shares authorized; 20,000 shares issued)	1,600,000
Premium on bonds payable	19,000
Prepaid expenses	27,400
Retained earnings, January 1, 2016	9,319,725
Store buildings and equipment	12,560,000
Treasury stock
(5,400 shares of common stock at cost of $33 per share)	178,200
Unrealized gain (loss) on available-for-sale investments	(6,500)
Valuation allowance for available-for-sale investments	(6,500)

Expert Solution

PARTICULARS	NOTE NO.	$
EQUITY AND LIABILITIES
(1) SHAREHOLDERS' FUND
SHARE CAPITAL	1.	1978200
RESERVES AND SURPLUS	2.	10356525
MONEY RECEIVED AGAINST SHARE WARRANTS
(2) SHARE APPLICATION MONEY PENDING ALLOTMENT
(3) NON-CURRENT LIABILITIES
LONG-TERM BORROWINGS
DEFERRED TAX LIABILITIES
OTHER LONG-TERM LIABILITIES
LONG-TERM PROVISIONS
(4) CURRENT LIABILITIES
SHORT-TERM LIABILITIES
TRADE PAYABLES	3.	194300
OTHER CURRENT LIABILITIES	4.	274120
SHORT-TERM PROVISIONS	5.	52450
TOTAL
ASSETS
(1) NON-CURRENT ASSETS
FIXED ASSETS
(A)TANGIBLE ASSETS	6.	11174000
(B)INTANGIBLE ASSETS	7.	500000
(C) CAPITAL WORK-IN-PROGRESS
(D)INTANGIBLE ASSETS UNDER DEVELOPMENT
NON-CURRENT INVESTMENTS	8.	1009300
DEFERRED TAX ASSETS
LONG-TERM LOANS AND ADVANCES	9.	90000
OTHER NON-CURRENT ASSETS
(2) CURRENT ASSETS
CURRENT INVESTMENTS	10.	760130
INVENTORIES	11.	778000
TRADE RECEIVABLES	12.	545000
CASH AND CASH EQUIVALENT	13.	246000
SHORT-TERM LOANS AND ADVANCES
OTHER CURRENT ASSETS	14.	28525
TOTAL

NOTES TO ACCOUNTS:-

1.SHARE CAPITAL

ISSUED COMMON SHARES= $200000

PREFERRED STOCK 5%= $1600000

TREASURY STOCK= $178200

TOTAL= $1978200

2. RESERVES AND SURPLUS

OPENING RETAINED EARNINGS =$9319725

PAID IN CAPITAL FROM SALE OF TREASURY STOCK= $13000

PREMIUM RECEIVED

COMMON SHARES =$886800
PREFERRED SHARES= $150000

LESS; UNREALISED LOSS ON AVAILABLE FOR SALE INVESTMENTS (6500)

VALUATION ALLOWANCES FOR AVAILABLE FOR SALE INVESTMENTS (6500)

TOTAL=$10356525

3. TRADE PAYABLES

ACCOUNTS PAYABLE =$194300

4. OTHER CURRENT LIABLITIES

DIVIDENDS

COMMON SHARES= $155120
PREFERRED SHARES= $100000

PREMIUM PAYABLE ON BONDS PAYABLE = $19000

TOTAL= $274120

5. SHORT-TERM PROVISIONS

ALLOWANCE FOR DOUBTFUL DEBTS= $8450

INCOME TAX PAYABLE= $44000

TOTAL= $52450

6. TANGIBLE ASSETS

OFFICE BUILDING AND EQUIPMENTS=$4320000

LESS; DEPRICIATION=$1580000

NET VALUE=$2740000

STORE BUILDING AND EQUIPMENTS =$12560000

LESS; DEPRICIATION=$4126000

NET VALUE=$8434000

TOTAL= $11174000

7. INTANGIBLE ASSETS

GOODWILL =$500000

8. NON-CURRENT INVESTMENTS

INVESTMENTS IN PINKBERRY CO. STOCK= $1009300

9. LONG TERM LOANS

DREAM INC. BONDS = $90000

10. CURRENT INVESTMENTS

STOCKS AVAILABLE FOR SALE= $260130

5% BONDS= $500000

TOTAL= $760130

11. INVENTORIES= $778000

12. TRADE RECEIVABLES= $545000

13. CASH= $246000

14. OTHER CURRENT ASSETS

INTEREST RECEIVABLES= $1125

PRE-PAIN EXPENSES= $27400

TOTAL= $28525

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