Question

Note: Homework is graded on completion basis. Make sure you make a thorough effort on each question to ensure full points are earned. Note: Part 1 and Part 2 are not related problems. Part 1 - Balance Sheet Credit S Debit 197,000 435,000 $ 25,000 597,000 153,000 600,000 60,000 1,040,000 152.000 260,000 160,000 195,000 299,000 277.000 455,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory Debt Investments (trading) cost 145000 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Franchises Patents Debt Investments (long-term) Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable (long-term) Bonds Payable Common Stock, Par $5.00 APIC Treasury Stock Retained Earnings Cash Dividends Sales Revenue Sales Discounts Sales Returns and Allowances COGS Purchase Discounts Freight in Selling Expenses Administrative Expenses Interest Expense Rent Revenue Gain Income Tax Expense Investment Revenue 90,000 136,000 96,000 900.000 1,000,000 1,000,000 80,000 $ 191,000 78,000 $ 8,100,000 4,800,000 $ $ $ $ 2.000.000 900,000 211,000 80.000 $ $ 12,315,000 63,000 12,315,000 Required: Prepare the balance sheet. Note: Ignore income taxes. Note: Ending Retained Earnings is $410,000. I am providing this information to you so that you do not need to prepare an income statement and retained earnings statement.

Answer 1

Note - As per Chegg Policy we are allowed to process one question from the given.

1. Balance Sheet -

Balance Sheet Assets Current Assets: Cash Accounts Receivable (-) Allowance for doubful Accounts Inventory Debt Investments (Trading) Total Current Assets $ 197,000 $ 435,000 $ 25,000) $ 410,000 $ 597,000 $ 153,000 $1,357,000 Non Current Assets: Equipment $ 600,000 (-) Accumulated Depreciation - Equipment $ (60,000) $ 540,000 Building $1,040,000 (-) Accumulated Depreciation - Building $ (152,000) $ 888,000 Land $ 260,000 Franchises $ 160,000 Patents $ 195,000 Debt Investments (Long Term) $ 299,000 Equity Investment (Long Term) $ 277,000 Total Assets $ 3,976,000 Liabilities and Stockholder's Equity Current Liabilities: Accounts Payable Notes Payable (Short Term) Dividend Payable Accrued Liabilities Total Current Liabilities $ 455,000 $ 90,000 $ 136,000 $ 96,000 $ 777,000 Long Term Liabilities: Notes Payable (Long Term) Bonds Payable $ 900,000 $1,000,000 $1,900,000 Total Liabilities $ 2,677,000 Stockholder's Equity: Common Stock APIC (-) Treasury Stock Retained Earnings Total Stockholder's Equity $1,000,000 $ 80,000 $ (191,000) $ 410,000 $1,299,000 Total Liabilities and Stockholder's Equity $3,976,000