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Clark and Company Inc Consolidated Balance Sheet December 31, 2015 Assets Current assets: 24.250 Investment securities Accounts and notes receivable Allowance for doubtful accounts and notes receivable 7,851 121664 197,682 nventories 14,227 Total current assets $ (c) Noncurrent assets: Property, plant, and equipment. Accumulated depreciation. … … . Other noncurrent assets (d) $398,832 13.217 Total noncurrent assets 412,049 $792,514 Total assets Liabilities and Owners’ Equity Current liabilities: Accounts payable Payable to banks.. Income taxes payable Current installments of long-term debt Accrued expenses s (e) 34,236 9,211 6,341 7,100 Total current liabilities. s (0) Noncurrent liabilities Long-term debt Deferred income tax liability Minority interest in subsidiaries. …···· 5 (g) 41,218 4,.201 Total noncurrent liabilities……… Total liabilities Contributed capital: 205,410 350,782 Preferred stock, no par value (authorized 1,618 shares; issued 1,115 shares) $ 12,392 Common stock, $1 par value per share s (h) Additional paid-in capital Total contributed capital Retained earnings Total contributed capital and retained earnings………………. Less: Treasury stock, at cost (1,229 shares. … Total owners’ equity. Total liabilities and owners’ equity s (k) 390,625 27,038 s (m) s (n)
Expert Answer
c. Total current assets = Total assets – Total non-current assets
= $792514 – $412049
= $380465
b. Accounts and notes receivable (Gross) = Accounts and notes receivable (Net) + Allowance for doubtful accounts and notes receivable
= $121664 + 7851
= $129515
a. Investment securities = Total current assets – Cash – Accounts and notes receivable (Net) – Inventories – Other current assets
= $380465 – 24250 – 121664 – 197682 – 14227
= $22642
d. Accumulated depreciation = Property, plant and equipment (gross) – Property, plant and equipment (net)
= $694604 – $398832
= $295772
f. Total current liabilities = Total liabilities – Total noncurrent liabilities
= $350782 – $205410
= $145372
e. Accounts payable = Total current liabilities – (Payable to banks + Income taxes payable + Current installments of long-term debt + Accrued expenses)
= $145372 – ($34236 + 9211 + 6341 + 7100)
= $145372 – $56888
= $88484
g. Long term debt = Total noncurrent liabilities – (Deferred income tax liability + Minority interest in subsidiaries)
= $205410 – ($41218 + $4201)
= $205410 – $45419
= $159991
h. Common stock = 21842 shares x $1 = $21842
m. Total owners’ equity = Total assets – Total liabilities
= $792514 – $350782
= $441732
l. Total contributed capital and retained earnings = Total owner’s equity + Treasury stock
= $441732 + $27038
= $468770
k. Total contributed capital = Total contributed capital and retained earnings – Retained earnings
= $468770 – $390625
= $78145
i. Additional paid-in capital = Total contributed capital – Preferred stock – Common stock
= $78145 – 12392 – 21842
= $43911
j. Common stock + Additional paid in capital = $21842 + 43911 = $65753
n. Total liabilities and owner’s equity = Total liabilities + Total owners’ equity
= $350782 + $441732
= $792514
Summary:
| No. | Amount ($) |
| a. | 22642 |
| b. | 129515 |
| c. | 380465 |
| d. | 295772 |
| e. | 88484 |
| f. | 145372 |
| g. | 159991 |
| h. | 21842 |
| i. | 43911 |
| j. | 65753 |
| k. | 78145 |
| l. | 468770 |
| m. | 441732 |
| n. | 792514 |
