Presented below is the trial balance of Cullumber Corporation at December 31, 2025. Cash Sales Revenue Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Debit $201,720 154,160 4,800,000 303,720 Credit $8,101,160
Presented below is the trial balance of Cullumber Corporation at December 31, 2025. Cash Sales Revenue Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Debit $201,720 154,160 4,800,000 303,720 Credit $8,101,160
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Presented below is the trial balance of Cullumber Corporation at December 31, 2025.
Cash
Sales Revenue
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
Interest Expense
Inventory
Gain
Notes Payable (long-term)
Equipment
Bonds Payable
Accumulated Depreciation-Equipment
Franchises
Common Stock ($5 par)
Treasury Stock
Patents
Retained Earnings Balance (before Net Income)
Paid-in Capital in Excess of Par
Totals
Debit
$201,720
154,160
4,800,000
303,720
281,720
2,001,160
261,160
1,044,720
436,160
904,870
215,870
601.720
601,160
160,000
192,160
195,000
$12,355,300
Credit
$8,101,160
91,160
456,160
67,870
140,720
97,160
152,000
26,160
84,870
904,720
1,004,720
60,000
1,001,160
82,720
84,720
$12,355,300
Prepare a balance sheet at December 31, 2025, for Cullumber Corporation. (Ignore income taxes). (List Current Assets in order of
liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the
descriptive information provided in the question.)

Transcribed Image Text:> >
CULLUMBER CORPORATION
Balance Sheet
$
Assets
Liabilities and Stockholders' Equity
$
Liabilities and Stockholders' Equity
$
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