**Gregor Company Balance Sheet Analysis****Selected Accounts and Trial Balance**The adjusted trial balance for Gregor Company for the year ended December 31 is provided. The adjustments pertain to common stock, retained earnings, patents, cash, land, equipment, silver mine, accounts payable, depreciation, notes payable, goodwill, accumulated depletion, and amortization.**Key Financial Accounts:**- **Common Stock:** $10,000- **Retained Earnings:** $57,000- **Patents:** $7,400- **Cash:** $7,700- **Land:** $47,000- **Equipment:** $37,000- **Silver Mine:** $32,000**Liabilities and Adjustments:**- **Accounts Payable:** $3,700- **Accumulated Depreciation - Equipment:** $28,300- **Notes Payable (due in 9 years):** $28,000- **Goodwill:** $6,700- **Accumulated Depletion - Silver Mine:** $6,400- **Accumulated Amortization - Patents:** $4,400**Balance Sheet Details***December 31***Assets**- **Current Assets:** - Cash: $7,700- **Plant Assets:** - Equipment: $37,000 - Less: Accumulated Depreciation: $32,000 - Net Plant Assets: $5,000- **Total Plant Assets:** $5,000- **Intangible Assets:** - (No value specified)- **Total Intangible Assets:** $0**Total Assets:** $12,700**Liabilities**- **Current Liabilities:** - (No value specified)- **Long-Term Liabilities:** - (No value specified)**Total Liabilities:** $0**Equity**- **Total Equity:** - (No value specified)**Total Liabilities and Equity:** $0This balance sheet provides an organized view of Gregor Company's financial position by detailing assets, liabilities, and equity, ensuring compliance with accounting standards which require specific treatment of accumulated figures such as depreciation and amortization.

Balance sheet refers to the financial report produced by the entity, it is a statement showing the…

Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Cash Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities. Total equity Total liabilities and equity $ 10,000 Accounts payable 57,000 7,400 7,700 47,000 Accumulated depletion-Silver mine 37,000 Accumulated amortization-Patents 32,000 GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill $ 37,000 32,000 $ $ $ 7,700 5,000 0 5,000 0 0 12,700 0 0 $ 3,700 28,300 28,000 6,700 6,400 4,400

Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Cash Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities. Total equity Total liabilities and equity $ 10,000 Accounts payable 57,000 7,400 7,700 47,000 Accumulated depletion-Silver mine 37,000 Accumulated amortization-Patents 32,000 GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill $ 37,000 32,000 $ $ $ 7,700 5,000 0 5,000 0 0 12,700 0 0 $ 3,700 28,300 28,000 6,700 6,400 4,400

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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