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ration of a Balance Sheet) Presented below is the trial balance of Do Corporation at Decem Credits 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 Debits $ 98,500 76,500 2,400,000 149,500 138,500 $4,050,000 45,000

ration of a Balance Sheet) Presented below is the trial balance of Do Corporation at Decem Credits 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 Debits $ 98,500 76,500 2,400,000 149,500 138,500 $4,050,000 45,000

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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Instructions Prepare a classified balance sheet as of December 31, 2020. E5.12B (LO 2) (Preparation of a Balance Sheet) Presented below is the trial balance of Do Corporation at December 31, 2020. Credits 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 Gain on Sale of Investments. Prior Period Adjustment-Depr. Error Long-term Notes Payable Equipment Bonds Payable Accumulated Depreciation-Equipment Franchise (net of $80,000 amortization), Common Stock ($5 par) Treasury Stock Patent (net of $30,000 amortization) Retained Earnings Additional Paid-in Capital Totals Debits $ 98,500 76,500 2,400,000 149,500 138,500 1,000,000 130,000 520,000 217,500 450,000 105,500 298,500 70,000 300,000 80,000 95,500 97,500 $6,227,500 $4,050,000 45,000 227,500 31,500 68,000 48,000 76,000 12,500 40,000 450,000 500,000 30,000 500,000 109,000 40,000 $6,227,500
Transcribed Image Text:Instructions Prepare a classified balance sheet as of December 31, 2020. E5.12B (LO 2) (Preparation of a Balance Sheet) Presented below is the trial balance of Do Corporation at December 31, 2020. Credits 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 Gain on Sale of Investments. Prior Period Adjustment-Depr. Error Long-term Notes Payable Equipment Bonds Payable Accumulated Depreciation-Equipment Franchise (net of $80,000 amortization), Common Stock ($5 par) Treasury Stock Patent (net of $30,000 amortization) Retained Earnings Additional Paid-in Capital Totals Debits $ 98,500 76,500 2,400,000 149,500 138,500 1,000,000 130,000 520,000 217,500 450,000 105,500 298,500 70,000 300,000 80,000 95,500 97,500 $6,227,500 $4,050,000 45,000 227,500 31,500 68,000 48,000 76,000 12,500 40,000 450,000 500,000 30,000 500,000 109,000 40,000 $6,227,500
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