Accounting, what I'm doing wrong?
I'am so confused! Could you, please, help me out of this this problem?
:confused: the balanse isn't even close to be right.
Here it comes:
John Nalezny Corporation
Balance Sheet
December 31, 2007
Assets
Current assets
Cash $197,000
Sales $8,100,000
Cost of Goods Sold $4,800,000
Investment Revenue $63,000
Accounts receivable $435,000
Less: allowance for doubtful accounts $25,000
Notes receivable $90,000
Total $8,650,000
Inventories $597,000
Franchise $160,000
Traiding Securities $153,000
Patents $195,000
Total Current Assets $6,165,000
Long-term Investments Long-term Investments in Bonds $299,000
Long-term Investments in Stock $277,000
Total
$576,000
Property, Plant and Equipment Land $260,000
Building $1,040,000
Less:Accumulated Depreciation-Buildings $152,000
Accumulated Depreciation-Equipment $60,000
$1,088,000
Equipment
Total property, plant, and equipment $600,000
Total $2,476,000
Liablities and Stockholders' Equity
Current Liabilities
Accounts payable $455,000
Accrued Liabilities $96,000
Dividens payable $136,000
Bonds Payable $1,000,000
Short-time Notes payable $90,000
Total $1,777,000
Long-term Debt
Long-term Notes Payable $900,000
Total liabilities $900,000
Expenses
Selling Expenses $2,000,000
Administrative Expenses $900,000
Interest Expenses $211,000
Total Expenses 1,322,000
Extraordinary Revenues and Gains
Extraordinary Gains $80,000
Total $80,000
Stockholder' Equity
Common Stock $1,000,000 Treasury Stock $191,000
Total $1,191,000
Additional paid-in capital $78,000
Retained earnings $80,000
Total liabilites and stockholders' equity $158,000
