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E5-12 (Preparation of a Balance Sheet) Presented below is the

Resolved Question:

E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of John Nalezny Corporation
at December 31, 2007.
Debits Credits
Cash $ 197,000
Sales $ 8,100,000
Trading Securities (at cost, $145,000) 153,000
Cost of Goods Sold 4,800,000
Long-term Investments in Bonds 299,000
Long-term Investments in Stocks 277,000
Short-term Notes Payable 90,000
Accounts Payable 455,000
Selling Expenses 2,000,000
Investment Revenue 63,000
Land 260,000
Buildings 1,040,000
Dividends Payable 136,000
Accrued Liabilities 96,000
Accounts Receivable 435,000
Accumulated Depreciation—Buildings 152,000
Allowance for Doubtful Accounts 25,000
Administrative Expenses 900,000
Interest Expense 211,000
Inventories 597,000
Extraordinary Gain 80,000
Long-term Notes Payable 900,000
Equipment 600,000
Bonds Payable 1,000,000
Accumulated Depreciation—Equipment 60,000
Franchise 160,000
Common Stock ($5 par) 1,000,000
Treasury Stock 191,000
Patent 195,000
Retained Earnings 78,000
Additional Paid-in Capital 80,000
Totals $12,315,000 $12,315,000
Instructions
Prepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes.
Submitted: 5 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 5 years ago.

Hello

 

Please click here for the solution

 

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Manal Elkhoshkhany, Tutor
Category: Finance
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