Presented below is the trial balance of Grimjow Corporation at December 31, 2020. Debit Credit Cash $ 201,970 Sales $ 8,104,060 Debt Investments (trading) (at cost, $145,000) 157,060 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,970 Equity Investments (long-term) 281,970 Notes Payable (short-term) 94,060 Accounts Payable 459,060 Selling Expenses 2,004,060 Investment Revenue 66,860 Land 264,060 Buildings 1,044,970 Dividends Payable 140,970 Accrued Liabilities 100,060 Accounts Receivable 439,060 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,060 Administrative Expenses 903,860 Interest Expense 214,860 Inventory 601,970 Gain 83,860 Notes Payable (long-term) 904,970 Equipment 604,060 Bonds Payable 1,004,970 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,004,060 Treasury Stock 195,060 Patents 195,000 Retained Earnings 82,970 Paid-in Capital in Excess of Par 84,970 Totals $12,371,930 $12,371,930 Prepare a balance sheet at December 31, 2020, for Grimjow Corporation. (Ignore income taxes).

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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Presented below is the trial balance of Grimjow Corporation at December 31, 2020.

	Debit	Credit
Cash	$ 201,970
Sales		$ 8,104,060
Debt Investments (trading) (at cost, $145,000)	157,060
Cost of Goods Sold	4,800,000
Debt Investments (long-term)	303,970
Equity Investments (long-term)	281,970
Notes Payable (short-term)		94,060
Accounts Payable		459,060
Selling Expenses	2,004,060
Investment Revenue		66,860
Land	264,060
Buildings	1,044,970
Dividends Payable		140,970
Accrued Liabilities		100,060
Accounts Receivable	439,060
Accumulated Depreciation-Buildings		152,000
Allowance for Doubtful Accounts		29,060
Administrative Expenses	903,860
Interest Expense	214,860
Inventory	601,970
Gain		83,860
Notes Payable (long-term)		904,970
Equipment	604,060
Bonds Payable		1,004,970
Accumulated Depreciation-Equipment		60,000
Franchises	160,000
Common Stock ($5 par)		1,004,060
Treasury Stock	195,060
Patents	195,000
Retained Earnings		82,970
Paid-in Capital in Excess of Par		84,970
Totals	$12,371,930	$12,371,930

Prepare a balance sheet at December 31, 2020, for Grimjow Corporation. (Ignore income taxes).

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