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CORPORATION FINANCIAL STATEMENTS FROM 2009
ANNUAL REPORT
Consolidated Balance Sheets
December 31
ASSETS 2008 2009
Current assets
Cash and cash equivalents 3,685,000 3,394,000
Accounts receivable (less allowance for losses of 4,905,000 in 2008
and 4,035,000 in 2009) 146,412,000 121,805,000
Inventories 161,714,000 148,260,000
Prepaid expenses 6,167,000 6,254,000
Total current assets 317,978,000 279,713,000
Property, plant and equipment, at cost 280,951,000 279,713,000
Less allowance for depreciation 141,651,000 129,245,000
Other assets
Cost in excess of net assets of business required 68,166,000 69,610,000
Sundry 16,882,000 13,866,000
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities 55,781,000 53,109,000
Accounts payable 41, 614,000 35,517,000
Accrued liabilities
Accrued interest 6,871,000 6,601,000
Income tax 2,438,000 2,768,000
Current maturities of long-term debt 6,771,000 7,531,000
Total current liabilities 113,475,000 105,526,000
Subordinated debt 117,348,000 115,808,000
Shareholders equity
Common stock, 10 dollars per value, 50,000,000 shares authorized,
25,914,188 shares issued 2,591,000 2,591,000
Capital surplus 15,859,000 16,232,000
Retained earnings 224,408,000 238,638,000
242,858,000 238,461,000
Less 8,602,937 treasury shares in 2008 and 7,984,849 treasury shares in 2007, at cost 63,857,000 56,472,000
Total shareholders equity 179,001,000 181,989,000
Translate the following words and word combinations into English.
второстепенный долг, чистые активы, срок платежа, отсроченный подоходный налог, учредительский доход, нераспределенная прибыль, дебиторская задолженность, норма допустимых потерь, акционерный капитал, выплаты авансом, привилегированная акция, стоимость по номиналу, задолженность кредиторам, товарно-материальные запасы, амортизационные списания.
Translate into your language
a) on May 15 Blake pays a cheque for$200 to D.Smith in part payment of the amount owing. The asset of bank is therefore reduced, and the liability of a creditor is also reduced. The balance sheet now appears:
B. BLAKE
Balance Sheet as of 15 May, 19-7
ASSETS $ CAPITAL AND LIABILITIES $
Buildings 3,000 Capital 5,000
Stock of goods 350 Creditor 300
Debtor 100
Cash in bank 1,850
5,300 5,300
b) After the trading and profit and loss accounts have been completed, a statement is drawn up in which the remaining balances in the books are arranged according to whether they are asset balances or liabilities or capital balances. This statement is called a balance sheet.
Let us look at the assets first. We are going to show the assets under two headings: Fixed Assets and Current Assets. Assets are called Fixed Assets when they are of long life, are to be used in the business and were not bought with the main purpose of resale. Examples are buildings, machinery, motor vehicles and fixtures and fittings.
On the other hand, assets are called Current Assets when they represent cash or are primarily for conversion into cash or have a short life.
The order of the other side of the balance sheet is preferably that of starting with capital, progressing via long-term liabilities such as loans not requiring repayment within the near future, and finishing with current liabilities, being liabilities such as debts for goods which will have to be discharged in the near future.
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