Balance sheet
Debit Credit
Cash 295,000
Sales Revenue $12,150,000
Debt Investments (trading) (at cost, $218,000) 230,000
Cost of Goods Sold 7,200,000
Debt Investments (long-term) 448,000
Equity Investments (long-term) 416,000
Notes Payable (short-term) 135,000
Accounts Payable 682,000
Selling Expenses 3,000,000
Investment Revenue 95,000
Land 390,000
Buildings 1,560,000
Dividends Payable 204,000
Accrued Liabilities 144,000
Allowance for Doubtful Accounts 38,000
Administrative Expenses 1,350,000
Interest Expense 317,000
Inventory 895,000
Gain 120,000
Notes Payable (long-term) 1,350,000
Equipment 900,000
Bonds Payable 1,500,000
Accumulated Depreciation–Equipment 90,000
Franchises 240,000
Common Stock ($5 par) 1,500,000
Patents 293,000
Paid-in Capital in Excess of Par 120,000
Totals $18,473,000 $18,473,000
Instructions Compute each of the following:
1. Total liabilities
2. Total
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