The Columbus Corporation began operations on January 1, 20x1. A preliminary draf

Question

The Columbus Corporation began operations on January 1, 20x1. A preliminary draft of a balance sheet for the Columbus Corporation as of December 31, 20x5 is presented below. Columbus Corporation Balance Sheet (draft) December 31, 20x5 (Accounts with debit balances) Accounts receivable Bond Retirement Fund Buildings Cash Equipment Land Merchandise Inventory $112,000 221,760 1,712,000 179,970 1,120,000 1,211,000 305,858 1,155 10,304 87,400 $ 4,961,447 Office supplies Prepaid Insurance Treasury Stock Total (Accounts with credit balances) Accounts payable $350,000 Accumulated depreciation-buildings Accumulated depreciation -equipment Bonds payable (due October 1, 20x1) Capital -appreciated value of land Capital stock Dividends payable Income taxes payable Notes payable (short-term) Notes payable (long-term) 700,000 200,000 1,288,000 19,100 108,500 117,600 420,000 Retained earnings Total Note: See next page for additional information.)

Explanation / Answer

Columbus Corporation

Balance Sheet

December 31 20X5

Assets $ $ $ Cash 179,970 Accounts Receivable 112,000 Allowance for Doubtful Accounts (1,792) 110,208 Office Supplies 1,155 Consumed during the year (940) 215 Mechandise Inventory 305,858 Prepaid Insurance 10,304 Exiped during the year ( 2,063) 8,241 Total Current Assets 604,492 Property Plant and Equipment Land 1,211,000 Buildings 1,712,000 Accumulated Depreciation : Buildings (224,700) 1,487,300 Equipment 1,120,000 Accumulated Depreciation : Equipment (765,625) 354,375 Property, Plant and Equipment, Net 3,052,675 Other Assets Bond Retirement Fund 221,760 Total Assets 3,878,927 Liabilities and Stockholders' Equity Accounts Payable 336,000 Interest Payable 26,880 Income Taxes Payable 108,500 Dividends Payable 19,100 Notes Payable ( Short Term ) 117,600 Total Current Liabilities 608,080 Long Term Liabilities Notes Payable ( Long Term) 420,000 Bonds Payable 700,000 Total Long Term Liabilities 1,120,000 Total Liabilities 1,728,080 Stockholders' Equity Capital Stock 1,288,000 Capital - Appreciated Value of Land 200,000 Retained Earnings 750,247 Treasury Stock ( at cost) (87,400) Total Stockholders Equity 2,150,847 Total Liabilities and Stockholders' Equity 3,878,927

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

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