Question

Problem 1 - Balance sheet computations. The following accounts appeared on the trail balance of Elbert Company at December 31, 2017 Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2025 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings Accounts Receivable Prepaid Insurance 34,200 Common Stock 281,400 Unappropriated Retained Earnings 170,250 Inventory 1,200,000 Land 17.800 Trading Securities 192,900 Interest Payable 138,000 Buildings 156,000 Accounts Payable Additional Paid-in Capital 294,000 Notes Payable (short-term) $518,400 Accumulated Depreciation - Bldg. 56,250 Supplies 1.125,000 318,000 1,480,250 475,000 73.200 5,700 1.926.000 409,950 163,800 $92,000 783,000 37.800 Instructions: Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total current liabilities 5. Total stockholders' equity

Answer 1

1	Cash	170250
	Accounts receivable	518400
	Allowance for doubtful accounts	-17800
	Notes receivable	138000
	Prepaid insurance	56250
	Inventory	1480250
	Trading securities	73200
	Supplies	37800
	Total current assets	2456350
2	Land	475000
	Buildings	1926000
	Accumulated depreciation-bldg.	-783000
	Total property, plant, and equipment	1618000
3	Total current assets	2456350
	Total property, plant, and equipment	1618000
	Copyrights	192900
	Total assets	4267250
4	Salaries and wages payable	34200
	Income taxes payable	156000
	Interest payable	5700
	Accounts payable	409950
	Notes payable (short-term)	92000
	Total current liabilities	697850
5	Preferred stock	750000
	Common stock	1125000
	Unappropriated retained earnings	318000
	Appropriated retained earnings	294000
	Additional paid-in capital	163800
	Total stockholders' equity	2650800