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Gain 82,780 Notes Payable (long-term) 902,870 Equipment 604,800 Bonds Payable 1,002,870 Accumulated Depreciation-Equipment 60,000

Gain 82,780 Notes Payable (long-term) 902,870 Equipment 604,800 Bonds Payable 1,002,870 Accumulated Depreciation-Equipment 60,000

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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Gain 82,780 Notes Payable (long-term) 902,870 Equipment 604,800 Bonds Payable 1,002,870 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,004,800 Treasury Stock 195,800 Patents 195,000 Retained Earnings 80,870 Paid-in Capital in Excess of Par 82,870 Totals $12,363,710 $12,363,710 Prepare a balance sheet at December 31, 2020, for Windsor Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Transcribed Image Text:Gain 82,780 Notes Payable (long-term) 902,870 Equipment 604,800 Bonds Payable 1,002,870 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,004,800 Treasury Stock 195,800 Patents 195,000 Retained Earnings 80,870 Paid-in Capital in Excess of Par 82,870 Totals $12,363,710 $12,363,710 Prepare a balance sheet at December 31, 2020, for Windsor Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Presented below is the trial balance of Windsor Corporation at December 31, 2020. Debit Credit Cash $ 199,870 Sales $ 8,104,800 Debt Investments (trading) (at cost, $145,000) 157,800 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,870 Equity Investments (long-term) 279,870 Notes Payable (short-term) 94,800 Accounts Payable 459,800 Selling Expenses 2,004,800 Investment Revenue 65,780 Land 264,800 Buildings 1,042,870 Dividends Payable 138,870 Accrued Liabilities 100,800 Accounts Receivable 439,800 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,800 Administrative Expenses 902,780 Interest Expense 213,780 Inventory 599,870
Transcribed Image Text:Presented below is the trial balance of Windsor Corporation at December 31, 2020. Debit Credit Cash $ 199,870 Sales $ 8,104,800 Debt Investments (trading) (at cost, $145,000) 157,800 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,870 Equity Investments (long-term) 279,870 Notes Payable (short-term) 94,800 Accounts Payable 459,800 Selling Expenses 2,004,800 Investment Revenue 65,780 Land 264,800 Buildings 1,042,870 Dividends Payable 138,870 Accrued Liabilities 100,800 Accounts Receivable 439,800 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,800 Administrative Expenses 902,780 Interest Expense 213,780 Inventory 599,870
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