Presented below is the trial balance of Scott Butler Corporation at December 31,

Question

Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

Debit

Credit

Cash

$   201,180

Sales

$ 8,102,240

Debt Investments (trading) (cost, $145,000)

155,240

Cost of Goods Sold

4,802,240

Debt Investments (long-term)

303,180

Equity Investments (long-term)

281,180

Notes Payable (short-term)

92,240

Accounts Payable

457,240

Selling Expenses

2,002,240

Investment Revenue

64,590

Land

260,000

Buildings

1,044,180

Dividends Payable

140,180

Accrued Liabilities

98,240

Accounts Receivable

437,240

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

27,240

Administrative Expenses

901,590

Interest Expense

212,590

Inventory

601,180

Gain (extraordinary)

81,590

Notes Payable (long-term)

904,180

Equipment

602,240

Bonds Payable

1,004,180

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,002,240

Treasury Stock

193,240

Patents

195,000

Retained Earnings

82,180

Paid-in Capital in Excess of Par

84,180

$12,352,520

$12,352,520

Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Scott Butler Corporation
Balance Sheet
December 31, 2014

Assets

Liabilities and Stockholders' Equity

Debit

Credit

Cash

$   201,180

Sales

$ 8,102,240

Debt Investments (trading) (cost, $145,000)

155,240

Cost of Goods Sold

4,802,240

Debt Investments (long-term)

303,180

Equity Investments (long-term)

281,180

Notes Payable (short-term)

92,240

Accounts Payable

457,240

Selling Expenses

2,002,240

Investment Revenue

64,590

Land

260,000

Buildings

1,044,180

Dividends Payable

140,180

Accrued Liabilities

98,240

Accounts Receivable

437,240

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

27,240

Administrative Expenses

901,590

Interest Expense

212,590

Inventory

601,180

Gain (extraordinary)

81,590

Notes Payable (long-term)

904,180

Equipment

602,240

Bonds Payable

1,004,180

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,002,240

Treasury Stock

193,240

Patents

195,000

Retained Earnings

82,180

Paid-in Capital in Excess of Par

84,180

        Totals

$12,352,520

$12,352,520

Explanation / Answer

Liabilites Assets Current liabilities Current Assets Notes payable 92240 Cash 201180 Accounts payable 457240 Short-term investments 155240 Accrued Liabilities 98240 Accounts receivable 410000 Dividends Payable 140180 Inventories 601180 Total 787900 Total 1367600 Long-term liabilities Long-term investments Bonds payable 1004180 Debt Investments (long-term) 303180 Notes payable 904180 Equity Investments (long-term) 281180 Total liabilities 1908360 Property, plant, and equipment Stockholders' equity Land 260000 Common stock 1002240 Buildings 1044180 Less:treasury stock -193240 Less: Accumulated depreciation -152000 892180 Retained earnings 411940 Equipment 602240 Paid-in Capital in Excess of Par 84180 Less: Accumulated depreciation -60000 542240 Total stockholders' equity 1305120 Intangible assets Franchises 160000 Patents 195000 Total 4001380 4001380

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