Answer and Explanation:
Nieto Corporation
Balance Sheet
December 31, 2015
Current Assets:
Cash $62,000
Account Receivable $140,000
Less: Allowance for
doubtful accounts $6,000 $134,000
Prepaid Insurance 16,000
Short-term investments 180,000
Inventory 170,000
Total Current Assets $562,000
Fixed Assets
Equipment 275,000
Less: Acc. Dep. 52,000 223,000
Building 950,000
Less: Dep. 180,000 770,000
Land 390,000
Investments
(Mara + Sasse) 658,000
Goodwill 200,000 $2,241,000
Total Assets $2,803,000
Current Liabilities
Accounts payable $260,000
Income taxes payable 120,000
Dividend payable $80,000
Notes payable 70,000
Premium on bonds payable 40,000
Total Current liabilities $570,000
Long-term liabilities
Bonds payable $500,000 500,000
Total liabilities $1,070,000
Equity
Capital stock $1,500,000
Paid-in capital in
excess of par common stock 130,000
Retained earnings $103,000 1,733,000
Total liability and stockholders' equity $2,803,000
