Question

The following accounts appeared on the trail balance of Cullumber Company at December 31, 2020. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts. Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock Appropriated Retained Earnings $185,000 840,000 40,000 32,000 250,000 120,000 1,200,000 7,600 185,000 130,000 165,000 740,000 220,000 Accounts Receivable Prepaid Insurance Common Stock Unappropriated Retained Earnings Inventory Land Trading Securities Interest Payable Buildings Accounts Payable Additional Paid-in Capital $580,000 53,000 1,125,000 270,000 1,580,250 460,000 77,000 5,200 1,400,000 420,000 130,000 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

	AMOUNT	AMOUNT
CURRENT ASSETS:
Cash		$          1,20,000
Account Receivable	$           5,80,000
Less: Allowance for Doubtfull Accouts	$                 7,600
Net Account Receivable		$          5,72,400
Note Receivable (Due in 6 Months)		$          1,30,000
Prepaid Insurance		$             53,000
Inventory		$       15,80,250
Supplies		$             40,000
Trading Securities		$             77,000
Total Current Assets		$       25,72,650
PROPERTY PLANT & EQUIPMENT
Orgnizational Cost - Unamoritzed
Copyeights		$          1,85,000
Land		$          4,60,000
Building	$         14,00,000
Less: Accumulated Depreciation - Building	$           8,40,000	$          5,60,000
Total Property Plant & Equipment		$       12,05,000
TOTAL OF ASSETS
Current Assets	$         25,72,650
Property Plan & Equipment	$         12,05,000
Total of Assets	$         37,77,650
LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT	AMOUNT
CURRENT LIABILITIES:
Account Payable	$           4,20,000
Salary and Wages Payable	$               32,000
Income Tax Payable	$           1,65,000
Note Payable (Short Term)	$           1,85,000
Interest Payable	$                 5,200
Total Current Liabilities	$           8,07,200
SHAREHOLDER'S EQUITY
Common Stock	$         11,25,000
Addittional Paid in Capital	$           1,30,000
PREferred Stock	$           7,40,000
Retained Earnings	$           4,90,000
Total Shareholder's Equity	$         24,85,000