Sanford Company
The Sanford Company had the following balance sheet as of December 31, 20×2. The transactions for the first three months of 20×3 are also presented along with other information about specific accounts.
Sanford Company
Balance Sheet
December 31, 20×2
| ASSETS | LIABILITIES | |||
| Cash | $ 57,000 | Accounts Payable | $ 34,000 | |
| Marketable Securities | 8,000 | Wages Payable | 11,200 | |
| Accounts Receivable | 75,000 | Taxes Payable | 8,000 | |
| Uncollectible Accounts | 2,000 | Short Term Notes Payable | 12,000 | |
| Inventory | 84,000 | Interest Payable | 800 | |
| Supplies | 7,000 | Unearned Revenue | 13,000 | |
| Prepaid Insurance | 6,000 | |||
| Total Current Assets | $235,000 | Total Current Liabilities | $ 79,000 | |
| Land | $114,000 | Long Term Notes Payable | $ 20,000 | |
| Equipment | 227,000 | Bonds Payable | 100,000 | |
| Accumulated Depreciation | 87,000 | Mortgage Payable | 320,000 | |
| Building | 560,000 | Total Long Term Liabilities | $440,000 | |
| Accumulated Depreciation | 130,000 | |||
| Intangible Assets | 70,000 | STOCKHOLDER EQUITY | ||
| Total Long Term Assets | $754,000 | Capital Stock | $100,000 | |
| Paid in Capital | 250,000 | |||
| Retained Earnings | 120,000 | |||
| Total Stockholders Equity | $470,000 | |||
| Total Assets | $989,000 | Total Liabilities & Equity | $989,000 |
Additional Information
Accounts Receivable
The following table indicates the historical breakout of accounts receivable
| Days | Current | 30 to 60 | 60 to 90 | Over 90 |
| Percent of Balance | 50% | 30% | 15% | 5% |
| Percent Collectible | 95% | 90% | 80% | 60% |
The company uses the gross method of recording all sales on accounts.
Marketable Securities
Attachments:
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