Presented below is the trial balance of Flounder Corporation at December 31, 2020. Cash Sales 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 Paid-in Capital in Excess of Par Totals Debit $ 199,490 156,530 4,800,000 301,490 279,490 2,003,530 263,530 1,042,490 438,530 903,610 214,610 599,490 603,530 160,000 194,530 195,000 $12,355,850 Credit $8,103,530 93,530 458,530 66,610 138,490 99,530 152,000 28,530 83,610 902,490 1,002,490 60,000 1,003,530 80,490 82,490 $12,355,850 Prepare a balance sheet at December 31, 2020, for Flounder Corporation. (Ignore income taxes).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Presented below is the trial balance of Flounder Corporation at December 31, 2020.
Cash
Sales
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
Paid-in Capital in Excess of Par
Totals
Debit
$ 199,490
156,530
4,800,000
301,490
279,490
2,003,530
263,530
1,042,490
438,530
903,610
214,610
599,490
603,530
160,000
194,530
195,000
$12,355,850
Credit
$ 8,103,530
93,530
458,530
66,610
138,490
99,530
152,000
28,530
83,610
902,490
1,002,490
60,000
1,003,530
80,490
82,490
$12,355,850
Prepare a balance sheet at December 31, 2020, for Flounder 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:Presented below is the trial balance of Flounder Corporation at December 31, 2020. Cash Sales 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 Paid-in Capital in Excess of Par Totals Debit $ 199,490 156,530 4,800,000 301,490 279,490 2,003,530 263,530 1,042,490 438,530 903,610 214,610 599,490 603,530 160,000 194,530 195,000 $12,355,850 Credit $ 8,103,530 93,530 458,530 66,610 138,490 99,530 152,000 28,530 83,610 902,490 1,002,490 60,000 1,003,530 80,490 82,490 $12,355,850 Prepare a balance sheet at December 31, 2020, for Flounder 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.)
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