ACC 421 Week 4 LT Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch. 24

May 8th, 2015
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ACC 421 Week 4 LT Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch. 24

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P53 (Balance Sheet Adjustment and Preparation) The adjusted trial balance of Side Kicks Companyand other related information for the year 2007 are presented on the next page.SIDE KICKS COMPANYADJUSTED TRIAL BALANCEDECEMBER 31, 2007Debits$ 41,000163,500CashAccounts ReceivableAllowance for Doubtful AccountsPrepaid InsuranceInventoryLong-term InvestmentsLandConstruction Work in ProgressPatentsEquipmentAccumulated Depreciation of EquipmentUnamortized Discount on Bonds PayableAccounts PayableAccrued ExpensesNotes PayableBonds PayableCommon StockPremium on Common StockRetained EarningsCredits$ 8,7005,900308,500339,00085,000124,00036,000400,000140,00020,000$1,522,900148,00049,20094,000400,000500,00045,000138,000$1,522,900Additional 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 Work in Progress account represents the costs expended to dateon a building in the process of construction. (The company rents factory space at the presenttime.) The land on which the building is being constructed cost $85,000, as shown in the trialbalance.4. The patents were purchased by the company at a cost of $40,000 and are being amortized on astraight-line basis.5. Of the unamortized discount on bonds payable, $2,000 will be amortized in 2008.6. The notes payable represent bank loans that are se

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