The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes Payable (short-term) $192,000 Accounts Receivable $518,400 Accumulated Depreciation - Bldg. 783,000 Prepaid Insurance 56,250 Supplies 37,800 Preferred Stock 750,000 Salaries and Wages Payable 34,200 Common Stock 1,125,000 Debt Investments (long-term) 281,400 Inventory 1,580,250 Cash 170,250 Land 465,000 Bonds Payable Due 1/1/2025 1,200,000 Trading Securities 73,200 Allowance for Doubtful Accts. 7,800 Interest Payable 5,700 Copyrights 192,900 Buildings 1,926 Notes Receivable (due in 6 months) 138,000 Accounts Payable 409,950 Income Taxes Payable 156,000 Additional Paid-in Capital 163,800 (1). Prepare the current assets section of the balance sheet listing the accounts in proper sequence. (2). Prepare the current liabilities section of the balance sheet.
The following accounts appeared on the trail balance of Elbert Company at December 31, 2019.
|
Notes Payable (short-term) |
$192,000 |
|
$518,400 |
|
|
783,000 |
Prepaid Insurance |
56,250 |
|
Supplies |
37,800 |
|
750,000 |
|
Salaries and Wages Payable |
34,200 |
Common Stock |
1,125,000 |
|
Debt Investments (long-term) |
281,400 |
Inventory |
1,580,250 |
|
Cash |
170,250 |
Land |
465,000 |
|
Bonds Payable Due 1/1/2025 |
1,200,000 |
Trading Securities |
73,200 |
|
Allowance for Doubtful Accts. |
7,800 |
Interest Payable |
5,700 |
|
Copyrights |
192,900 |
Buildings |
1,926 |
|
Notes Receivable (due in 6 months) |
138,000 |
Accounts Payable |
409,950 |
|
Income Taxes Payable |
156,000 |
Additional Paid-in Capital |
163,800 |
(1). Prepare the current assets section of the
(2). Prepare the current liabilities section of the balance sheet.
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