Presented below is the balance sheet of Rubber Industries.
| RUBBER INDUSTRIES Don't use plagiarized sources. Get Your Custom Essay on presented below is the balance sheet of rubber industries 544228 For $10/Page 0nly | |
| Balance Sheet | |
| For the Year Ended December 31, 2000 | |
| Assets | |
| Current assets: | |
| Cash | $50,000 |
| Marketable equity securities | 19,000 |
| Accounts receivable, net | 60,000 |
| Inventory | 30,000 |
| Treasury stock | 20,000 |
| Total current assets | 179,000 |
| Plant assets: | |
| Land and buildings, net | 160,000 |
| Investments: | |
| Short-term U.S. notes | 20,000 |
| Other assets: | |
| Supplies | 4,000 |
| Total assets | $363,000 |
| Liabilities and Stockholders’ Equity | |
| Liabilities: | |
| Bonds payable | $120,000 |
| Accounts payable | 40,000 |
| Wages payable | 10,000 |
| Premium on bonds payable | 3,000 |
| Total liabilities | 173,000 |
| Stockholders’ equity: | |
| Common stock ($20 par, 20,000 shares | |
| authorized, 6,000 shares outstanding) | 120,000 |
| Retained earnings | 30,000 |
| Minority interest | 20,000 |
| Redeemable preferred stock | 20,000 |
| Total liabilities and stockholders’ equity | $363,000 |
Required Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.
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