I am able to fix some of my mistakes above, but I am having trouble figuring out

Question

I am able to fix some of my mistakes above, but I am having trouble figuring out all of them.

Thank you in advance.

Debit Credit Cash Sales Debt Investments (trading) (cost, $145,000)154,350 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par $ 200,300 $8,101,350 4,800,000 302,300 280,300 91,350 456,350 2,001,350 64,630 261,350 1,043,300 139,300 97,350 436,350 152,000 26,350 901,630 212,630 600,300 81,630 903,300 601,350 1,003,300 60,000 160,000 1,001,350 192,350 195,000 81,300 83,300 $12,342,860 $12,342,860 Totals

Explanation / Answer

FLOUDER CORPORATION Balance sheet December 31 2017 Current assets Cash               2,00,300 Debt Investment               1,54,350 Accounts receivables                                         436350 Less Allowance for Dountful accounts        (26350)               4,10,000 Inventory               6,00,300 Total current assets                   13,64,950 Long term investment Debt Investment               3,02,300 equity Investment               2,80,300 Total Long term investment                      5,82,600 Property plant and equipment Land               2,61,350 Building                                                                             1043300 Less Accumulated depreciation -Building           (152000)               8,91,300 Equipment                                                                        601350 Less Accumulated depreciation -Equipment       (60000)               5,41,350 Property plant and equipment                   16,94,000 Intangible assets Franchises               1,60,000 Patents               1,95,000 Total Intangible assets                      3,55,000 Total Assets                   39,96,550 Liability and stock holders equity Current liability Notes payables                  91,350 accounts payables               4,56,350 Divident payables               1,39,300 accrued liabilities                  97,350 Total current Liabilities                      7,84,350 Lond term debt Bonds payables            10,03,300 Notes payables               9,03,300 Total Lond term liabilities                   19,06,600 Total Liabilities                   26,90,950 Stock holders equity Paid in capital Common stock                                                        1001350 Additional paid in capital                                       83300            10,84,650 Retained earnings               4,13,300 Total Paid in capital and Retained earnings            14,97,950 Less Treasury stock             -1,92,350 Total Stock holders equity                   13,05,600 Total Liabilities and Stock holders equity                   39,96,550 Retained Earnings =8101350-4800000-2001350-901630-212630+64630+81630 + 81300

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.