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Stern Corporation Balance Sheet

The balance sheet shows Stern Corporation's assets and liabilities as of December 31, 2009 and 2010. As of 2009, total assets were $8,031,871 which included current assets of $3,638,418 and other assets such as investments, land, buildings, machinery, and equipment totaling $4,393,453. Total liabilities were $2,677,500, including current liabilities of $1,430,132 and long-term debt of $1,247,368. Shareholders' equity totaled $5,354,371 consisting of common stock of $2,503,275 and retained earnings of $2,851,096.

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173 views4 pages

Stern Corporation Balance Sheet

The balance sheet shows Stern Corporation's assets and liabilities as of December 31, 2009 and 2010. As of 2009, total assets were $8,031,871 which included current assets of $3,638,418 and other assets such as investments, land, buildings, machinery, and equipment totaling $4,393,453. Total liabilities were $2,677,500, including current liabilities of $1,430,132 and long-term debt of $1,247,368. Shareholders' equity totaled $5,354,371 consisting of common stock of $2,503,275 and retained earnings of $2,851,096.

Uploaded by

Yessy Kawi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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STERN CORPORATION

Balance Sheet
Adjustment
31-Dec-09
Debet Credit
Assets
Current assets:
Cash 671,344
Account Receivable 988,257
Less: Allowance for doubtful accounts 29,648
Net Receivable 958,609
US Treasury securities at cost 274,060
Inventories 1,734,405
Total Current Assets 3,638,418
Other assets:
Investments 412,294
Land 186,563
Building 2,405,259
Less: Accumulated depreciation 663,379
Net Building 1,741,880
Factory machinery 3,425,585
Less: Accumulated depreciation 1,642,358
Net Factory Machinery 1,783,227
Furniture and fixtures 56,484
Less: Accumulated depreciation 40,400
Net Furniture and fixtures 16,084
Automotive Equipment 58,298
Less: Accumulated depreciation 37,156
Net Automotive Equipment 21,142
Office Machine 42,534
Less: Accumulated depreciation 28,005
Net Office Machine 14,529
Tools 61,294
Patent 56,250
Prepaid expense 100,190
Total assets 8,031,871
Liabilities and Shareholders' Equity
Current liabilities:
Account payable 510,000
taxes payable 709,354
Accrued salaries, wages, and interest 141,478
Long-term debt, due within one year 69,300
Total current liabilities 1,430,132
Noncurrent liabilities:
Long-term debt 1,247,368
Shareholders’ equity:
Common stock 2,503,275
Retained earnings 2,851,096
Total shareholders’ equity 5,354,371
Total liabilities and shareholders’ equity 8,031,871
31-Dec-10

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