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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: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.)
> > CULLUMBER CORPORATION Balance Sheet $ Assets Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity $
Transcribed Image Text:> > CULLUMBER CORPORATION Balance Sheet $ Assets Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity $
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