Preparation of Balance Sheet.
P9-7A
Preparation of
Dooley Company’s December 31 post-closing
Cash $11,000
Accounts Payable 20, 000
Building 439,500
Long-term notes payable 785,000
Common stock 900,000
Land 834,000
Accumulated depreciation-Building 135,000
Wages Payable 6,000
Patent (net of Amortization) 120,000
Notes Payable (Short term) 131,000
Inventory 206,000
Equipment 600,000
Allowance for Doubtful Accounts 1, 500
Prepare a December 31 classified balance sheet for Dooley Company.
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