Presented below is the trial balance of Vivaldi Corporation at December 31, 2012

Question

Presented below is the trial balance of Vivaldi Corporation at December 31, 2012.

Calculate ending retained earnings and prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes. (List current assets in order of liquidity. List property plant and equipment in order of land, building and equipment.)

Debit Credit Cash $200,110 Sales $7,903,550 Debt Investments (trading) (cost, $145,000) 156,550 Cost of Goods Sold 4,803,550 Debt Investments (long-term) 302,110 Equity Investments (long-term) 280,110 Notes Payable (short-term) 93,550 Accounts Payable 458,550 Selling Expenses 2,003,550 Investment Revenue 64,580 Land 260,000 Buildings 1,043,110 Dividends Payable 139,110 Accrued Liabilities 99,550 Accounts Receivable 438,550 Accumulated Depreciation%u2014Buildings 352,000 Allowance for Doubtful Accounts 28,550 Administrative Expenses 901,580 Interest Expense 212,580 Inventory 600,110 Extraordinary Gain 81,580 Notes Payable (long-term) 903,110 Equipment 603,550 Bonds Payable 1,003,110 Accumulated Depreciation%u2014Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,003,550 Treasury Stock 194,550 Patents 195,000 Retained Earnings 81,110 Paid-in Capital in Excess of Par 83,110 $12,355,010 $12,355,010

Explanation / Answer

ASSETS

Equipment 603550

Less:depreciation 60000

equipment(net) 543550

Land 260000

Buildings 1043110

less depreciation 352000

Building (net) 691110

Franchises 160000

Patents 195000

Accounts receivable 438550

less allowance 28550

account receivable(net)410000

Inventory 600110

cash 200110

total asset 3059880

LIABILITY

common stock 1003550

treasury stock 194550

Retained earnings 81110

Debt investment 302110

Equity investment 280110

Notes payable 903110

Bonds payable 1003110

Debt investment 156550

notes payable 93550

accounts payable 458550

Dividends payable 139110

Accrued liability 99550

total 3059880

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