Exercises 245 Instructions Prepare a classified balance sheet as of December 31,

Question

Exercises 245 Instructions Prepare a classified balance sheet as of December 31, 2017 E5-12 (LO3) (Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at December 31, 2017 Debit Credit s 197,000 $ 8,100,000 Sates Revenue Debt Investments (trading) (at cost, $145,000) Cost ef Goods Sold Debt Investments (long-term) Equity-Investments (long-term) Notes Payable (short-term) Aecounts Payable Se?ling Expenses Investment Revenue 153,000 4,800,000 299,000 277,000 90,000 455,000 2,000,000 63,000 260,000 1,040,000 Buildings Dividends Payable Acerued Liabilities 136,000 %,an 435,000 Accumulated Depreciation-Buildings Allowance for Doubtful-Accounts Administrative Expenses Interest Expense Inventory Gain 25,000 211,000 97,000 80,000 900,000 Notes P'ayabte ttong-term) Bonds Pavable Franehises Equipment 600,000 ,000,000 60,000 Depreciation -Equipment 160,000 1,000,000 Commen Stock ($5 par) Treastury Stock 191,000 195,000 Patents Retained Earnings Paid-in Capital in Excess of Par 78,000 80,000 Totals $12,315,000 $12,315,000 Instructions Prepare a balance sheet at December 31, 2017, for Scott Butler Corporation. Olgnore income taxes.)

Explanation / Answer

balance sheet as at Dec 31 2017: Assets: Amount $ Cash 197000 Debt Investments 153000 AR 435000 Allow for Doubtful A/c -25000 Inventory 597000 Current Assets 1357000 Debt investments 299000 Equity investment 277000 Land 260000 Buildings 1040000 Acc Dep -152000 Equipment 600000 Acc Dep -60000 Franchises 160000 Patents 195000 Total Assets 3976000 Liabilities & SH Equity: Amount $ ST Note Payable 90000 AP 455000 Dividend payable 136000 Accrued Liabil 96000 Current Liabilities: 777000 Bond payable 1000000 LT Notes payable 900000 CS 1000000 Paid in Capital in excess of par 80000 RE 78000 Net Income 332000 Treasury Stock -191000 Shareholders Equity 1299000 Total Liabilities & SH Equity 3976000 Income statement: Sales rev $8,100,000 nvestment reve 63000 Gain 80000 less: COGS -4800000 Gross Profit $3,443,000 Less: Expenses: Admin exp 900000 Selling exp 2000000 Interest exp 211000 total expenses 3111000 Net Income $332,000

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