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Preparation of a balance sheet
Debt Credit
Cash $197,000.00 Sales $8,100,000.00 Trading Securities (at cost, $145,000) 153,000.00 Cost of Goods Sold 4,800,000.00 Long-term Investments in Bonds 299,000.00 Long-term Investments in Stocks 277,000.00 Short-term Notes Payable 90,000.00 Accounts Payable 455,000.00 Selling Expenses 2,000,000.00 Investment Revenue 63,000.00 Land 260,000.00 Buildings 1,040,000.00 Dividends Payable 136,000.00 Accrued Liabilities 96,000.00 Accounts Receivable 435,000.00 Accumulated Depreciation—Buildings 152,000.00 Allowance for Doubtful Accounts 25,000.00 Administrative Expenses 900,000.00 Interest Expense 211,000.00 Inventories 597,000.00 Extraordinary Gain 80,000.00 Long-term Notes Payable 900,000.00 Equipment 600,000.00 Bonds Payable 1,000,000.00 Accumulated Depreciation—Equipment 60,000.00 Franchise 160,000.00 Common Stock ($5 par) 1,000,000.00 Treasury Stock 191,000.00 Patent 195,000.00 Retained Earnings 78,000.00 Additional Paid-in Capital 80,000.00 Totals 12,315,000.00 12,315,000.00 Please help! I need to prepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes. Thanks Mary |
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Debt Credit
Cash $197,000.00 Sales $8,100,000.00 Trading Securities (at cost, $145,000) 153,000.00 Cost of Goods Sold 4,800,000.00 Long-term Investments in Bonds 299,000.00 Long-term Investments in Stocks 277,000.00 Short-term Notes Payable 90,000.00 Accounts Payable 455,000.00 Selling Expenses 2,000,000.00 Investment Revenue 63,000.00 Land 260,000.00 Buildings 1,040,000.00 Dividends Payable 136,000.00 Accrued Liabilities 96,000.00 Accounts Receivable 435,000.00 Accumulated Depreciation—Buildings 152,000.00 Allowance for Doubtful Accounts 25,000.00 Administrative Expenses 900,000.00 Interest Expense 211,000.00 Inventories 597,000.00 Extraordinary Gain 80,000.00 Long-term Notes Payable 900,000.00 Equipment 600,000.00 Bonds Payable 1,000,000.00 Accumulated Depreciation—Equipment 60,000.00 Franchise 160,000.00 Common Stock ($5 par) 1,000,000.00 Treasury Stock 191,000.00 Patent 195,000.00 Retained Earnings 78,000.00 Additional Paid-in Capital 80,000.00 Totals 12,315,000.00 12,315,000.00 |
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Prepare a balance sheet at December 31, 2007, for John Nalezny Corporation
Debt Credit
Cash $197,000.00 Sales $8,100,000.00 Trading Securities (at cost, $145,000) 153,000.00 Cost of Goods Sold 4,800,000.00 Long-term Investments in Bonds 299,000.00 Long-term Investments in Stocks 277,000.00 Short-term Notes Payable 90,000.00 Accounts Payable 455,000.00 Selling Expenses 2,000,000.00 Investment Revenue 63,000.00 Land 260,000.00 Buildings 1,040,000.00 Dividends Payable 136,000.00 Accrued Liabilities 96,000.00 Accounts Receivable 435,000.00 Accumulated Depreciation—Buildings 152,000.00 Allowance for Doubtful Accounts 25,000.00 Administrative Expenses 900,000.00 Interest Expense 211,000.00 Inventories 597,000.00 Extraordinary Gain 80,000.00 Long-term Notes Payable 900,000.00 Equipment 600,000.00 Bonds Payable 1,000,000.00 Accumulated Depreciation—Equipment 60,000.00 Franchise 160,000.00 Common Stock ($5 par) 1,000,000.00 Treasury Stock 191,000.00 Patent 195,000.00 Retained Earnings 78,000.00 Additional Paid-in Capital 80,000.00 Totals 12,315,000.00 12,315,000.00 |
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Accounts payable.. . $ 74,300
Accounts receivable.. . 113,500 Buildings.. . 512,000 Owners’ equity, 1/1/09.. . 314,300 Cash.. . 153,600 Distributions to owners during 2009.. . 48,100 Supplies.. . 4,250 Land.. . 90,000 Mortgage payable.. . 423,400 Net income for 2009.. . 109,450 Owners’ equity, 12/31/09.. |
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