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Prepare balance sheet

Prepare balance sheet

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 balance sheet
Cash Sales Trading Securities (at cost, $145,000) Cost of Goods Sold Long-term Investments in Bonds Long-term Investments in Stocks Short-term Notes Payable Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation -Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventories Extraordinary Gain (Other comprehensive income) Long-term Notes Payable. Equipment Bonds Payable Accumulated Depreciation-Equipment Franchise Common Stock ($5 par) Treasury Stock Patent Retained Earnings Paid-in Capital in Excess of Par-(Provision for Pension) Totals Debits $ 197,000 153,000 4,800,000 299,000 277,000 2,000,000 260,000 1,040,000 435,000 900,000 211,000 597,000 600,000 160,000 191,000 195,000 $12,315,000 Credits $ 7,900,000 90,000 455,000 63,000 136,000 96,000 352,000 25,000 80,000 900,000 1,000,000 60,000 1,000,000 78,000 80,000 $12,315,000
Transcribed Image Text:Cash Sales Trading Securities (at cost, $145,000) Cost of Goods Sold Long-term Investments in Bonds Long-term Investments in Stocks Short-term Notes Payable Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation -Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventories Extraordinary Gain (Other comprehensive income) Long-term Notes Payable. Equipment Bonds Payable Accumulated Depreciation-Equipment Franchise Common Stock ($5 par) Treasury Stock Patent Retained Earnings Paid-in Capital in Excess of Par-(Provision for Pension) Totals Debits $ 197,000 153,000 4,800,000 299,000 277,000 2,000,000 260,000 1,040,000 435,000 900,000 211,000 597,000 600,000 160,000 191,000 195,000 $12,315,000 Credits $ 7,900,000 90,000 455,000 63,000 136,000 96,000 352,000 25,000 80,000 900,000 1,000,000 60,000 1,000,000 78,000 80,000 $12,315,000
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