Question

Question 4 Incomplete answer Marked out of 38.00 P Flag question Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19.000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 Required

Answer 1

Amount Amount 19000 20500 206000 245500 Ari Company Balance Sheet December 31 Particulars Assets Current Assets Cash Accounts Receivable(Note2) Inventory Total Current Assets Plant Assets Land Building(Note1) Equipment(Note 1) Total Plant Assets Intangible Assets Patent Total Assets 877000 304500 420000 1601500 120000 1967000

20000 Liabilities Current Liabilities Accounts Payable Wages Payable Notes Payable(Short Term) Total Current Liabilities 6000 131000 157000 785000 942000 Long term Liabilities Notes Payable(Long Term) Total Liabilities Stockholders Equity Common Stock Retained earnings Total Stockholders Equity 950000 75000 1025000 Total Stockholders Equity and Liabilitites 1967000

Note:1 Net Book Value Particulars Building Equipment Cost Accumulated depreciation 439500 135000 600000 180000 Net Book Value 304500 420000 Note:2 Particulars Accounts receiveble Less:Allowances for Doubtful acoounts Net Accounts Receivable Amount 22500 2000 20500