Question

Current Attemptin Progress Presented below is the trial balance of Cheyenne Corporation at December 31 2020 Credit Debit $10R.SOO Cach Sales $8.101.000 Debt Investments trading latos: $145.000 Cost of Goods Sold Debirvestments flore-term Equity Investments long-term 157,040 4,800.000 300 500 279.500 Nates Payable short termi $4,040 459.000 Accounts Payable 2,004040 Selling Expenses Investment Rocus 66,950 201040 2,041500 Buildings DMdends Payablo 137.500 100,000 ALKUPdl abilities 499.00 Accounts Receivable Accumulated Depreciation-Buildings 152,000 29,040 Allace for Dout Accounts Administrative Laperces Interest Exoense 703.950 214950 59RSOO Inary 83.950 901,500 Notes Payabic long-term Fopment 604040 Bonds Payable 1001.500 60,000 Accumulated Depreciation Equipment Franchises 150.000 Common Stock 155 par 100 Treasury Stock 195,040 195.000 Pants Retained Earrings Paid-in Capital in Excess of Par 79,500 $19,354 640 $12354440 Preparc a balance sheet at December 21, 2020. for Cheyenne Corporation (tenore income taxes.Lt Current Assets in order of liquidity List Property Plantand Equipment in order of Land, Building and Equ i t Enter cutaneonly and do not provide the descrive information provided in the CHEYENNE CORPORATION

Answer 1

Cheyenne Corporation
Balance Sheet
At December 31,2020
Current assets:		Current liabilities:
Cash	$198,500	Accounts payable	$459,040
Debt Investment (trading)	$157,040	Notes payable (short-term)	$94,040
Accounts receivable	$439,040	Dividends payable	$137,500
Allowace for doubtful accounts	($29,040)	Accrued liabilities	$100,040
Inventory	$598,500	Total current liabilities	$790,620
Total current assets	$1,364,040	Long-term liabilities:
		Notes payable (long-term)	$901,500
Long-term Investments:		Bonds payable	$1,001,500
Debt investment (long-term)	$300,500	Total liabilities	$2,693,620
Equity investment (long-term)	$278,500
Total long-term investments	$579,000
Property,plant, and equipment:
Land	$264,040
Buildings	$1,041,500
Accumulated depreciation-buildings	($152,000)
Equipment	$604,040	Stockholders' equity:
Accumulated depreciation-equipment	($60,000)	Common stock ($par)	$1,004,040
Total property,plant, and equipment	$1,697,580	Paid-in capital in excess of par	$81,500
		Total paid-in capital	$1,085,540
Intangible assets:		Retained earnings	$411,500
Franchises	$160,000	Total paid-in capital and Retained earnings	$1,497,040
Patents	$195,000	Treasury stock	($195,040)
Total intangible assets	$355,000	Total stockholders' equity	$1,302,000
Total assets	$3,995,620	Total liabilities and stockholders' equity	$3,995,620

Calculations:

Income Statement
Sales		$8,104,040
Investment revenue		$66,950
Gain		$83,950
Total revenues		$8,254,940
Expenses:
Cost of goods sold	$4,800,000
Selling expenses	$2,004,040
Administrative expenses	$903,950
Interest expense	$214,950
Total Expenses		$7,922,940
Net income		$332,000

Retained earnings:
Beginning	$411,500
Net income	$332,000
Ending Balance	$743,500