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(Solved) The following balance sheet was prepared by Kraus Company as of December 31, 2010.


The following balance sheet was prepared by Kraus Company as of December 31, 2010.

Kraus Company

Balance Sheet

as of December 31, 2010

Cash $ 80,000 Accounts payable $ 75,000

Accounts receivable (net) 52,200 Long-term liabilities 100,000

Inventories 57,000 Stockholders' equity 218,200

Investments 76,000

Equipment (net) 96,000

Patents 32,000

$393,200 $393,200

The following additional information is provided:

1. Cash includes the cash surrender value of a life insurance policy $9,000, and a bank overdraft of $2,000 has been deducted.

2. The net accounts receivable balance includes:

(a) accounts receivable—debit balances $60,000;

(b) accounts receivable—credit balances $4,000;

(c) allowance for doubtful accounts $3,800.

3. Investments include investments in common stock, trading $19,000 and available-for-sale $48,000, and franchises $9,000.

4. Equipment costing $7,000 with accumulated depreciation $2,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $30,000.

Required:

Prepare a balance sheet in good form (stockholders' equity details can be omitted.) (35 points)

 


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