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    The document provides the account information for Juvendy Company for the year ended 2019, including current assets such as cash, accounts receivable, and inventory totaling $971,000, current liabilities totaling $444,000, intangible assets such as goodwill and cash surrender value of life insurance totaling $182,000, stockholders' equity including common stock and additional paid-in capital totaling $450,000, and long-term liabilities such as bonds payable totaling $500,000. It also lists property, plant and equipment including buildings, equipment, and land held for future use totaling $905,000 and provides additional information needed to prepare a revised balance sheet.

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    The document provides the account information for Juvendy Company for the year ended 2019, including current assets such as cash, accounts receivable, and inventory totaling $971,000, current liabilities totaling $444,000, intangible assets such as goodwill and cash surrender value of life insurance totaling $182,000, stockholders' equity including common stock and additional paid-in capital totaling $450,000, and long-term liabilities such as bonds payable totaling $500,000. It also lists property, plant and equipment including buildings, equipment, and land held for future use totaling $905,000 and provides additional information needed to prepare a revised balance sheet.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    12 views1 page

    Questions

    Uploaded by

    jesica
    The document provides the account information for Juvendy Company for the year ended 2019, including current assets such as cash, accounts receivable, and inventory totaling $971,000, current liabilities totaling $444,000, intangible assets such as goodwill and cash surrender value of life insurance totaling $182,000, stockholders' equity including common stock and additional paid-in capital totaling $450,000, and long-term liabilities such as bonds payable totaling $500,000. It also lists property, plant and equipment including buildings, equipment, and land held for future use totaling $905,000 and provides additional information needed to prepare a revised balance sheet.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Below are the account information for the Juvendy Company for the year ended

    2019.
    Current assets
    Cash $230,000
    Accounts receivable (net) $340,000
    Inventory (lower-of-average-cost-or-market) $401,000
    Equity investments (trading) - at cost (fair value $120,000) $140,000
    Current liabilities
    Accounts payable $135,000
    Notes payable (due next year) $125,000
    Pension obligation $82,000
    Rent payable $49,000
    Premium on bonds payable $53,000
    Intangible assets
    Goodwill $80,000
    Cash surrender value of life insurance $90,000
    Prepaid expenses $12,000
    Stockholders' equity
    Common stock, $1.00 par, authorized 400,000 shares, issued
    290,000 $290,000
    Additional paid-in capital $160,000
    Retained earnings ?
    Long-term liabilities
    Bonds payable $500,000
    Property, plant, and equipment
    Buildings (net) $570,000
    Equipment (net) $160,000
    Land held for future use $175,000
    Required:
    Prepare a revised balance sheet given the available information. Assume that the
    accumulated depreciation balance for the buildings is $160,000 and for the equipment,
    $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension
    obligation is considered a long-term liability.

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