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Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Debit $ 199,490 156,530 4,800,000 301,490 Credit $ 8,103,530 Interest Expense Inventory Gain Notes Payable (long-term) 214,610 599,490 83,610 902,490

Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Debit $ 199,490 156,530 4,800,000 301,490 Credit $ 8,103,530 Interest Expense Inventory Gain Notes Payable (long-term) 214,610 599,490 83,610 902,490

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a blance sheet

 

Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Debit $ 199,490 156,530 4,800,000 301,490 279,490 2,003,530 263,530 1,042,490 438,530 903,610 Credit $8,103,530 93,530 458,530 66,610 138,490 99,530 152,000 28,530 Interest Expense Inventory Gain Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals 214,610 599,490 603,530 160,000 194,530 195,000 83,610 902,490 1,002,490 60,000 1,003,530 80,490 82,490 $12,355,850 $12,355,850
Transcribed Image Text:Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Debit $ 199,490 156,530 4,800,000 301,490 279,490 2,003,530 263,530 1,042,490 438,530 903,610 Credit $8,103,530 93,530 458,530 66,610 138,490 99,530 152,000 28,530 Interest Expense Inventory Gain Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals 214,610 599,490 603,530 160,000 194,530 195,000 83,610 902,490 1,002,490 60,000 1,003,530 80,490 82,490 $12,355,850 $12,355,850
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