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p_21-11__and_p_21-14_spreadsheet.xlsx
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Sheet1

P21-11
ARDUOUS COMPANY
Comparative Balance Sheets
December 31, 2011 and 2010
($in millions)
2011 2010
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Assets
Cash 116 81
Accounts Receivable 200 202
Less: Allowance for uncollectible accounts -10 -8
Investment revenue receivable 6 4
Inventory 205 200
Prepaid Insurance 4 8
Long-term investment 156 125
Land 196 150
Buildings and equipment 412 400
Less: Accumulated depreciation -97 -120
Patent 30 32
1218 1074
Liabilities
Accouts payable 50 65
Salaries 6 11
Bond interest payabe 8 4
Income tax payable 12 14
Deferred income tax liability 11 8
Notes payable 23 0
Lease liability 82 0
Bonds payable 215 275
Less: discount on bonds -22 -25
Shareholders' Equity
Common Stock 430 410
Paid-in-capital 95 85
Preferred stock 242 227
Retained earnings
Less: Treasury stock -9 0
1218 1074
ARDUOUS COMPANY
Income Statement
For year Ended December 31, 2011
($in millions)
Revenues
Sales revenue 410
Investment revenue 11
Gain on sale of treasury bills 2 423
Expenses
Cost of goods sold 180
Salaries expense 65
depreciation of expense 12
Patent amortization expense 2
Bad debt expense 8
Insurance expense 7
Bond interest expense 28
Extraordinary loss (flood) 18
Less: Tax Savings -9 9
Income expense 45 356
Net Income 67
P21-14
Surmise Company
Comparative Balance Sheets
December 31, 2011 and 2010
($in millons)
2011 2010
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Assets
Cash 45 40
Accounts Receivable 92 96
Less: Allowance for uncollectible accounts -12 -4
Prepaid expenses 8 5
Inventory 145 130
Long-term investment 80 40
Land 100 100
Buildings and equipment 411 300
Less: Accumulated depreciation -142 -120
Patent 16 17
743 604
Liabilities
Accounts Payable 17 32
Accrued liabilities -2 10
Notes payable 35 0
lease liability 111 0
bonds payable 65 125
Shareholders' Equity
Common Stock 60 50
Paid-in-capital-excess of par 245 205
Retained earnings 212 182
743 604

Sheet2

Sheet3