Debit CreditCash $ 197,000Sales Revenue $ 8,100,000Debt Investments (trading) (a
ID: 2546348 • Letter: D
Question
Debit CreditCash $ 197,000Sales Revenue $ 8,100,000Debt Investments (trading) (at cost, $145,000) 153,000Cost of Goods Sold 4,800,000Debt Investments (long-term) 299,000Equity Investments (long-term) 277,000Notes Payable (short-term) 90,000Accounts Payable 455,000Selling Expenses 2,000,000Investment Revenue 63,000Land 260,000Buildings 1,040,000Dividends Payable 136,000Accrued Liabilities 96,000Accounts Receivable 435,000Accumulated Depreciation—Buildings 152,000Allowance for Doubtful Accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventory 597,000Gain (extraordinary) 80,000Notes Payable (long-term) 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation—Equipment 60,000Franchises 160,000Common Stock ($5 par) 1,000,000Treasury Stock 191,000Patents 195,000Retained Earnings 78,000Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.3InstructionsPrepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes.)
Explanation / Answer
Answer
Revenues:
Sales Revenue
8100000
Investment revenue
63000
Gain (Extra ordinary)
80000
Total revenue (A)
$8243000
Expenses:
Cost of Goods Sold
4800000
Selling expenses
2000000
Administrative expense
900000
Interest expense
211000
Total expenses (B)
$7911000
Net Income transferred to retained Earnings (A - B)
$332000
ASSETS
LIABILITIES & STOCKHOLDERS' EQUITY
Current Assets:
$
Current Liabilities:
$
Cash
197000
Notes Payable (short term)
90000
Debt Investments (trading)
153000
Accounts payable
455000
Accounts receivables, less Allowances $25000
410000
Dividends payable
136000
Inventory
597000
Accrued Liabilities
96000
Total Current Assets
1357000
Total Current Liabilities
777000
Long Term Assets:
Long Term Liabilities:
Buildings
1040000
Notes payable (Long term)
900000
Less: Accumulated Depreciation Building
-152000
Bonds Payable
1000000
Equipment
600000
Total Long Term Liabilities
1900000
Less: Accumulated Depreciation-Equipment
-60000
Land
260000
STOCKHOLDERS' EQUITY
Debt Instruments (long term)
299000
Common Stock ($5 par)
1000000
Equity Investments (long term)
277000
paid in capital in excess of Par
80000
Total Long Term Assets
2264000
Retained Earnings [78000+332000]
410000
Total
1490000
Intangibles Assets:
Less: Treasury Stock
-191000
Franchises
160000
Total Stockholder's Equity
1299000
patents
195000
Total Intangible Assets
355000
TOTAL ASSETS
$3976000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$3976000
Revenues:
Sales Revenue
8100000
Investment revenue
63000
Gain (Extra ordinary)
80000
Total revenue (A)
$8243000
Expenses:
Cost of Goods Sold
4800000
Selling expenses
2000000
Administrative expense
900000
Interest expense
211000
Total expenses (B)
$7911000
Net Income transferred to retained Earnings (A - B)
$332000
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