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Statement of Financial Position

The document is a statement of financial position for Shey Corporation as of December 31, 2021. It lists the company's assets as totaling $3,079,000, including current assets of $534,000 such as cash and inventory, long-term assets of $830,000 like investments and land, and property/equipment of $1,450,000. Liabilities are $1,309,000, including current liabilities of $229,000 and non-current liabilities of $1,080,000. Stockholder's equity is $1,770,000, consisting of capital stock of $1,450,000 and retained earnings of $320,000.

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Annabeth Brion
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93 views2 pages

Statement of Financial Position

The document is a statement of financial position for Shey Corporation as of December 31, 2021. It lists the company's assets as totaling $3,079,000, including current assets of $534,000 such as cash and inventory, long-term assets of $830,000 like investments and land, and property/equipment of $1,450,000. Liabilities are $1,309,000, including current liabilities of $229,000 and non-current liabilities of $1,080,000. Stockholder's equity is $1,770,000, consisting of capital stock of $1,450,000 and retained earnings of $320,000.

Uploaded by

Annabeth Brion
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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BRION, ANNABETH B.

BSAIS 3A

Shey
Shey Corporation
Corporation
Statement of Financial Position
December 31,2021

Asset
Current Asset
Cash 114,000
Trading Investment (FV) 80,000
Account Receivable 170,000
Less: Allowance for Doubtful Account 10,000 160,000
Inventory at lower of cost (F 180,000
Total Current Asset 534,000

Long Term Investment


Investment in Common Stock (FV) 270,000
Bond Sinking Fund 250,000
Cash Surrender Value of Life Insurance 40,000
Land held for Future Use 270,000
Total Long Term Investment 830,000

Property, Plant and Equipment


Land 500,000
Buildings 1,040,000
Less: Accumulated Depreciation Building 360,000 680,000
Equipment 450,000
Less: Accumulated Depreciation Equipment 180,000 270,000
Total Property Plant and Equipment 1,450,000

Intangible Asset
Franchises 165,000
Goodwill 100,000
Total Intangible Asset 265,000
Total Asset 3,079,000
Financial Position

Liabilities and Stockholder's Equity


Current Liabilities
Account Payable 90,000
Notes Payable 80,000
Taxes Payable 40,000
Unearned Revenue 5,000
Bank Overdraft 14,000
Total Current Liabilities 229,000

Non-Current Liabilities
Notes Payable 120,000
10% Bond Payable 1,000,000
Less; Discount on Bonds Payable 40,000 960,000
Total Non-Current Liabilities 1,080,000
Total Liabilities 1,309,000

Stockholder's Equity
Capital Stock
Preferred Stock No. Par Value
200,000 Shared Authorized
70,000 Issued and Outstanding 450,000
Common Stock P1.00 Par Value
400,000 Share Authorized
100,000 Issued and Outstanding 100,000
Paid in Capital in Excess of Par on Common Stock (10-1) 900,000
Total Paid in Capital 1,450,000
Retained Earnings 320,000
Total Stockholder's Equity 1,770,000
Total Liabilities and Stockholder's Equity 3,079,000

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