Presented below is the balance sheet of McDonald Company.
| McDONALD COMPANY Don't use plagiarized sources. Get Your Custom Essay on presented below is the balance sheet of mcdonald company 544229 For $10/Page 0nly | |||
| December 31, 2000 | |||
| Assets | |||
| Current assets: | |||
| Cash (including $10,000 restricted | |||
| for payment of note) | $40,000 | ||
| Marketable equity securities | 20,000 | ||
| Accounts receivable, less allowance | |||
| for doubtful accounts of $12,000 | 70,000 | ||
| Inventory | 60,000 | ||
| Total current assets | |||
| Plant assets: | $190,000 | ||
| Land | 40,000 | ||
| Buildings, net | 100,000 | ||
| Equipment | $80,000 | ||
| Less: Accumulated depreciation | 20,000 | 60,000 | |
| Patent | 20,000 | ||
| Organizational costs | 15,000 | ||
| 235,000 | |||
| Other assets: | |||
| Prepaid insurance | 5,000 | ||
| Total assets | $430,000 | ||
| Liabilities and Stockholders’ Equity | |||
| Current liabilities: | |||
| Accounts payable | $60,000 | ||
| Wages payable | 10,000 | ||
| Notes payable, due July 1, 2003 | 20,000 | ||
| Bonds payable, due December 2010 | 100,000 | ||
| Total current liabilities | |||
| Dividends payable | |||
| Deferred tax liability, long term | |||
| Stockholders’ equity: | |||
| Common stock ($10 par, 10,000 | |||
| shares authorized, 5,000 shares outstanding) | 50,000 | ||
| Retained earnings | 156,000 | ||
| Total stockholders’ equity | 206,000 | ||
| total liabilities and stockholders’ equity | $430,000 | ||
Required Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.
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