BALANCE SHEET

ASSETS AMOUNT
Non Current Assets
Land $ 12,000
Buildings and equipment $ 100,000
$ 112,000

Current Assets
Accounts due from customers $ 18,000
less: allowance for doubtful accounts $ 1,400 $ 16,600
Inventories $ 32,000
Office Supplies $ 3,500
Securities held as a temporary investment $ 17,000
Cash $ 12,300
Prepaid Insurance $ 2,400
Investment in available for sale stock $ 29,000
$ 112,800

$ 224,800
LIABILITIES & STOCKHOLDERS' EQUITY AMOUNT CABLE COMPANY
Shareholders' equity
Common Stock, $ 5 par $ 25,000
Premium on common stock $ 15,600
Preferred stock, $ 100 par $ 12,000
Premium on preferred stock $ 2,600
Retained earnings($ 40,000 less $ 1,300) $ 38,700
(net of unrealized decrease in value of available for sale securities)
less: treasury stock $ 5,300
$ 88,600

Non-Current Liabilities
Note owed to bank(due December 31, 2012) $ 17,000
Bonds payable $ 33,000
less: Discount on bonds payable $ 3,000 $ 30,000
$ 47,000
Current Liabilities
Accounts due to suppliers $ 22,700
Income taxes owed $ 16,400
Wages owed $ 3,600
Accumulated Depreciation-buildings and equipment $ 40,000
Accrued pension cost $ 6,500
$ 89,200

$ 224,800
 4-8        Corrections to Balance Sheet  The Cable Company prepared the following balance sheet:
CABLE COMPANY
Working c$  22,800 Noncurrent
$  62,000
Other ass  152,000 Stockhold   112,800
Total $174,800 Total $174,800

Balance Sheet For Year Ended December 31, 2007

Your analys
information:
1.  Working capital consists of:
2. Other assets include:
Land $ 12,000 Cash $ 12,300
Accounts 18,000 Prepaid in 2,400
Accounts d -22,700 Buildings 100,000
Inventories, including
35,500 Discount
office supplies
o 3,000
of  $3,500
Income ta -16,400 Investment in available-
Wages ow -3,600 for-sale st 29,000
Note owed to-17,000
bank (due
Treasury
December
st      5,300
31,  2009)
Securities     17,000 $152,000
$ 22,800

3. Noncurrent liabili 4. Stockholders’ equity includes: Accumulated depreciation:

$ 33,000
Allowance 1,400 buildings $ 40,000
Premium on 2,600 Preferred 12,000
Common st     25,000 Premium o 15,600
$ 62,000 Retained e 40,000
 Accrued pen 6,500

-1,300
$112,800

Required
Based on your analysis, prepare a properly classified December 31, 2007 balance sheet for the Cable Company.
he Cable Company.