utah valley chinese english translations 242442

Utah Valley Chinese/English Translations
Balance Sheet
At December 31, 2012
Assets Liabilities and Stockholders’ Equity
Current Assets Current Liabilities
Cash $ 3,074,075 Unearned Service Revenue $ 1,250,000
Short-term Investments in Cash Equivalents $ 75,000 Accounts Payable $ 500,000
Accounts Receivables $ 1,081,250 Interest Payable $ 180,000
Less: Allowance for Bad Debts $ 35,000 $ 1,046,250 Dividends Payable $ 100,000
Wages Payable $ 75,000
Installment Accounts Receivables – 2012 $ 80,000
Less: Deferred Gross Profit – 2012 $ 20,000 $ 60,000
Inventory $ 390,000
Construction in Progress $ 1,000,000 Total Current Liabilities $ 2,105,000
Progress Billings on Construction Contracts $ 750,000 $ 250,000
Non-Current Liabilities
$ 4,895,325 Long-Term Notes Payable $ 3,250,000
Non-Current Assets Total Non-Current Liabilities $ 3,250,000
Building $ 2,856,000
Plant $ 200,000 Total Liabilities $ 5,355,000
Equipment $ 5,000,000
Less: Accumulated Depreciation – Equipment $ 2,500,000 $ 2,500,000 Stockholders’ Equity
Common Stock
Land $ 725,000 Contributed Capital $ 3,000,000
Long-Term Notes Receivables $ 285,000 Retained Earning $ 1,995,000
Less: Dividends $ (100,000)
Total Non-current Assets $ 6,566,000 Add: Net Income $ 1,211,325 $ 3,106,325
Total Stockholders’ Equity $ 6,106,325
Total Assets $ 11,461,325
Total Liabilities and stock holder’s equity $ 11,461,325
Utah Valley Chinese/English Translations
Income Statement
At December 31, 2012
Revenue
Sales $ 3,950,000
Less: Sales Discount $ 16,225 $ 3,933,775
Cost of Goods Sold $ 2,300,000
Realized Gross Profit on Installment Sales – 2012 $ 5,000
Gross Profit $ 1,638,775
Operation Expense:
Wages Expense $ 625,000
Depreciation Expense – Equipment $ 500,000
Depreciation Expense – Property (Plant) $ 31,500
Bad Debts Expense $ 20,000 $ 1,176,500
Operating Income $ 462,275
Other Revenues and Gains
Interest Revenue $ 22,800
Gain on sale of land $ 1,275,000 $ 1,297,800
Other Expenses and Losses
Interest Expense $ (130,250)
Impairment Loss $ (418,500) $ (548,750)
Net Income $ 1,211,325

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