ADM 1340 Study Guide - Final Guide: Deferral, Accounts Payable, Cash Cash
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19 May 2016
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Create a Sources and Uses Statement using this Balance Sheet:
BALANCE SHEETS | |||
(In millions) | |||
June 30, 2016 | June 30, 2015 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $6,510 | $5,595 | |
Short-term investments (including securities loaned of $204 and $75) | 106,730 | 90,931 | |
Total cash, cash equivalents, and short-term investments | 113,240 | 96,526 | |
Accounts receivable, net of allowance for doubtful accounts of $426 and $335 | 18,277 | 17,908 | |
Inventories | 2,251 | 2,902 | |
Other | 5,892 | 5,461 | |
Total current assets | 139,660 | 122,797 | |
Property and equipment, net of accumulated depreciation of $19,800 and $17,606 | 18,356 | 14,731 | |
Equity and other investments | 10,431 | 12,053 | |
Goodwill | 17,872 | 16,939 | |
Intangible assets, net | 3,733 | 4,835 | |
Other long-term assets | 3,642 | 3,117 | |
Total assets | $193,694 | $174,472 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Accounts payable | $6,898 | $6,591 | |
Short-term debt | 12,904 | 4,985 | |
Current portion of long-term debt | 0 | 2,499 | |
Accrued compensation | 5,264 | 5,096 | |
Income taxes | 580 | 606 | |
Short-term unearned revenue | 27,468 | 23,223 | |
Securities lending payable | 294 | 92 | |
Other | 5,949 | 6,555 | |
Total current liabilities | 59,357 | 49,647 | |
Long-term debt | 40,783 | 27,808 | |
Long-term unearned revenue | 6,441 | 2,095 | |
Deferred income taxes | 1,476 | 1,295 | |
Other long-term liabilities | 13,640 | 13,544 | |
Total liabilities | 121,697 | 94,389 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock and paid-in capital - shares authorized 24,000; outstanding 7,808 and 8,027 | 68,178 | 68,465 | |
Retained earnings | 2,282 | 9,096 | |
Accumulated other comprehensive income | 1,537 | 2,522 | |
Total stockholders' equity | 71,997 | 80,083 | |
Total liabilities and stockholders' equity | $193,694 | $174,472 |
Uhura Company has decided to expand its operations. Thebookkeeper recently completed the balance sheet presented below inorder to obtain additional funds for expansion.
UHURA COMPANY | ||
Current assets | ||
Cash | $232,650 | |
Accounts receivable (net) | 342,650 | |
Inventory (lower-of-average-cost-or-market) | 403,650 | |
Equity investments (trading)-at cost (fair value$123,310) | 143,310 | |
Property, plant, and equipment | ||
Buildings (net) | 573,310 | |
Equipment (net) | 163,310 | |
Land held for future use | 178,310 | |
Intangible assets | ||
Goodwill | 82,650 | |
Cash surrender value of life insurance | 92,650 | |
Prepaid expenses | 14,650 | |
Current liabilities | ||
Accounts payable | 138,310 | |
Notes payable (due next year) | 127,650 | |
Pension obligation | 85,310 | |
Rent payable | 51,650 | |
Premium on bonds payable | 55,650 | |
Long-term liabilities | ||
Bonds payable | 503,310 | |
Stockholdersâ equity | ||
Common stock, $1.00 par, authorized 400,000 shares,issued 292,650 | 292,650 | |
Additional paid-in capital | 162,650 | |
Retained earnings | ? |
Prepare a revised balance sheet given the available information.Assume that the accumulated depreciation balance for the buildingsis $162,650 and for the equipment, $107,650. The allowance fordoubtful accounts has a balance of $19,650. The pension obligationis considered a long-term liability.