Presented below is the balance sheet of Sameed Brothers Corporation 2023 Business Finance

2023 CA5 3 Critique of Balance Sheet Format and Content Presented below is the balance sheet of Sameed Brothers Corporation 000s omitted SAMEED

CA5-3 (Critique of Balance Sheet Format and Content)


Presented below is the balance sheet of Sameed Brothers Corporation (000s omitted).



Balance Sheet

December 31, 2014


Current assets

Cash                                                                $26,000

 Marketable securities                                      18,000

 Accounts receivable                                       25,000

 Inventory                                                        20,000

 Supplies                                                          4,000


Stock investment in subsidiary company                     20,000                         $113,000


Treasury stock                                                                                     25,000

Property, plant, and equipment 

Buildings and land                                           91,000

 Less: Reserve for depreciation                                    31,000                         60,000

Other assets 

Cash surrender value of life insurance                                                            19,000

Total assets                                                                                          $217,000


Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable                                            $22,000

 Reserve for income taxes                               15,000


Customers’ accounts with credit balances        1                                  $ 37,001

Deferred credits 

Unamortized premium on bonds payable                                                        2,000

Long-term liabilities 

Bonds payable                                                                                     60,000

Total liabilities                                                                                     99,001

Common stock 

Common stock, par $5                                                85,000

 Earned surplus                                                            24,999

 Cash dividends declared                                 8,000                           117,999

Total liabilities and stockholders’ equity                                                          $217,000




Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.

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