the following is the balance sheet of rubber industries rubber 243245

The following is the balance sheet of Rubber Industries:

RUBBER INDUSTRIES

Balance Sheet

For the Year Ended December 31, 2010

Assets

Current assets:

Cash …………………………………………………$ 50,000

Marketable equity securities ……………………….. 19,000

Accounts receivable, net …………………………… 60,000

Inventory …………………………………………… 30,000

Treasury stock ……………………………………… 20,000

Total current assets ………………………………… $ 179,000

Plant assets:

Land and buildings, net …………………………… 160,000

Investments:

Short-term U.S. notes ……………………………… 20,000

Other assets:

Supplies …………………………………………… 4,000

Total assets ………………………………………… $ 363,000

Liabilities and Stockholders’ Equity

Liabilities:

Bonds payable ……………………………………..$123,000

Accounts payable ………………………………….. 40,000

Wages payable …………………………………….. 10,000

Total liabilities ……………………………………..$173,000

Stockholders’ equity:

Common stock ($20 par, 20,000 shares

authorized, 6,000 shares outstanding) ……………. 120,000

Retained earnings …………………………………. 50,000

Redeemable preferred stock ………………………. 20,000

Total liabilities and stockholders’ equity …………..$363,000

Required

Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.

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