Question

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 750,000 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 Total Current Assets Total Property, Plant and Equipment Total Assets Total Current Liabilities Total Stockholders' Equity $2,456,350 $1,618,000 $4,548,650 $697,8501 $2,650,800 Working notes: $170,250 $73,200 ELBERT COMPANY Balance Sheet As on December 31, 2017 Assets Current Assets: Cash Trading securities Accounts Receivable $518,400 Provison for doubtful debts -$17,800 Accounts Receivable (net) Notes receivable Inventory Supplies Prepaid insurance Total Current Assets $500,600 $138,000 $1,480,250 $37,800 $56,250 $2,456,350 Long term investments: Debt investments $281,400 Plant, Property and Equipment: Land $475,000 Buildings Less: Accumulated depreciation Buildings (net) $1,926,000 -$783,000 $1,143,000 $1,618,000| $192,900 $4,548,650 Intangibles: Copyrights Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $409,950 Notes payable $92,000 Interest payable $5,700 Inc tax payable $156,000 Salaries and wages payable $34,200 Total current liabilities $697,850 Long term liabilities: Bonds payable $1,200,000 Stockholders' Equity Common stock Additional paid in capital Preferred stock Appropriate Retained earnings Unappropriated Retained earnings Total Total Liabilities and Stockholders' Equity $1,125,000 $163,800 $750,000 $294,000 $318,000 $2,650,800 $4,548,650