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Presented below is the trial balance of John Nalezny Corporation at December 31, 2007.

 

Debits

Credits

Cash

$197,000

 

Sales

 

$8,100,000

Trading Securities (at cost, $145,000)

153,000

 

Cost of Goods Sold

4,800,000

 

Long-term Investments in Bonds

299,000

 

Long-term Investments in Stocks

277,000

 

Short-term Notes Payable

 

90,000

Accounts Payable

 

455,000

Selling Expenses

2,000,000

 

Investment Revenue

 

63,000

Land

260,000

 

Buildings

1,040,000

 

Dividends Payable

 

136,000

Accrued Liabilities

 

96,000

Accounts Receivable

435,000

 

Accumulated Depreciation-Buildings

 

152,000

Allowance for Doubtful Accounts

 

25,000

Administrative Expenses

900,000

 

Interest Expense

211,000

 

Inventories

597,000

 

Extraordinary Gain

 

80,000

Long-term Notes Payable

 

900,000

Equipment

600,000

 

Bonds Payable

 

1,000,000

Accumulated Depreciation-Equipment

 

60,000

Franchise

160,000

 

Common Stock ($5 par)

 

1,000,000

Treasury Stock

191,000

 

Patent

195,000

 

Retained Earnings

 

78,000

Additional Paid-in Capital

 

80,000

Totals

$12,315,000

$12,315,000

Instructions:

Make a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M916023

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