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E5-12B(Preparation of a Balance Sheet) Presented b...

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E5-12B(Preparation of a Balance Sheet) Presented below is the trial balance of Do Corporation at December 31, 2012. Debits, Cash $ 98,500, Trading Securities (at cost, $145,000) 76,500, Cost of Goods Sold 2,400,000, Long-term Investments in Bonds 149,500, Long-term Investments in Stocks 138,500, Selling Expenses 1,000,000, Land 130,000, Buildings 520,000, Accounts Receivable 217,500, Administrative Expenses 450,000, Interest Expense 105,500, Inventories 298,500, Prior Period Adjustment?Depr. Error 70,000, Equipment 300,000, Franchise (net of $80,000 amortization) 80,000, Treasury Stock 95,500, Patent (net of $30,000 amortization) 97,500, Totals $6,227,500. Credits, Sales $4,050,000,Short-term Notes Payable 45,000, Accounts Payable 227,500, Investment Revenue 31,500, Dividends Payable 68,000, Accrued Liabilities 48,000, Accumulated Depreciation?Buildings 76,000, Allowance for Doubtful Accounts 12,500, Extraordinary Gain 40,000, Long-term Notes Payable 450,000, Bonds Payable 500,000, Accumulated Depreciation?Equipment 30,000, Common Stock ($5 par) 500,000, Retained Earnings 109,000, Additional Paid-in Capital 40,000, Totals $6,227,500. Instructions: Prepare a balance sheet at December 31, 2012, for Do Corporation. Ignore income taxes.

 

Paper#9964 | Written in 18-Jul-2015

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