Can someone help me with this accounting problem?? prepare a balance sheet?

Balance Sheet as at Dec 31, 2008

Non-current assets

Patents 58,500

Loan to affiliate 50,000

Building & equipment (nbv) 290,400

Sub-total 398,900

Current assets

Inventories 332,600

Cash surrender value 10,800

Marketable securities (at mkt value) 51,800

A/cs receivable (net) 86,200

Prepaid exp. 3,500

Bank 26,000

Cash 44,825

Sub-total 555,725

Total Assets 954,625

Liabilities & Equity

Non-current liabilities

Long-term portion of notes payable 230,000

Current liabilities

A/cs payable 220,000

Current portion of L-T debt 20,000

Income tax payable 36,625

Sub-total 276,625

Total Liabilities 506,625

Equity

Common stock 60,000

Paid-in capital in excess of par 155,200

Retained earnings 232,800

Sub-total 448,000

Total Liabilities & Equity 954,625

Note : FASB Technical Bulletin No. 85-4 requires that the amount that could be realized under the insurance contract as of the date of the statement of financial position should be reported as an asset. But stay alert to changes as this treatment is being looked at now.

Also, marketable securities should be stated at the lower of cost and market. In this case, mkt is lower so we use mkt and not cost. This was the info you gave me separately.

If you dont know that an item called depreciation expense is an income statement item, whereas accumulated depreciation is a balance sheet item..then you need a tutor..not someone to answer this question on the internet.

I will give you a hint..

Short term assets:

cash on hand

cash in bank

Marketable securities

accounts receivable

(Less: allowance for doubtful accounts) this is a contra asset

short term prepayments of expenses (called prepaid assets)

Inventories

Total Short term assets:_____________

Long term assets

Long term advance receivable from affiliated compnay

Fixed Assets:

Building and equipment

Less:(accumulated depreciation) this is a contra asset

Total Fixed assets ___________________

Intangible Assets

Patents

note I'm not sure if the cash surrender value is actually classifed as an asset

Liabilities

Short term liabilities

accounts payable

income taxes payable

current instalment of long term debt payable

Long term Liabilities

7% note payable long term portion

Total Liabilities __________________

EQUITY

capital stock par $2 $100,000 (60,000 shares aut)

paid in capital in excess of par

Retained Earnings (R/E)

Income statement items that will not show on the balance sheet are discontinued operatiional loss, error in inventory pricing, depreciation expense, dividends received as revenue, sales, and uncollectible account expense.

The two items I am not 100% sure about are the cash surrender value of insurance policy..I can't recall if this is listed as an intangible or not..maybe look this up.

Also, the wording of the accounts receivable net of the

credit balances is throwing me off a little bit because its like 2 AM where I am

If you fill in my template..you will get an A+ for sure :)

Allowance for doubtful accounts and accumulated depreciation are "contra asset" accounts and are subtracted from the balance sheet assets. The corresponding Expense items are Uncollecitible Account EXPENSE and Depreciation EXPENSE and these appear on the INCOME statment

in the equity section dont let the wording confuse you..you know the par per share is $2..and the value is 100,000

. The fact that they are saying 60,000 authorized is irrelevant.

in calculating the amount. You just know that 50,000 were issued at a par value of $2=100,000

So what is the "paid in capital in excess of par"...well this just means that when the company actually SOLD the shares..they sold them for more than $2... so the origianl jornal entry for share sales would have been

D)CASH 100,000+155,200

cr )paid in capital in excess of par 155,200

cr )par $2 shares, 50000 issued, 60000 auth $100000