Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

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

Have any Question? 


Related Questions in Basic Finance

A debtor has filed a plan to reorganize his affairs of the

A debtor has filed a plan to reorganize his affairs of the Bankruptcy Code. The plan calls for payment of 10 cents on the dollar to all unsecured creditors over the next three years. The only secured creditor is Last Ban ...

A firm that produces light bulbs claims that their

A firm that produces light bulbs claims that their lightbulbs last 1500 hours, on average. You wonder if the average might differ from the 1500 hours that the firm claims. To explore this possibility you take a random sa ...

Do the assigned questions using malimash incs 2014

Do the assigned questions using Malimash, Inc.'s 2014 financial data below: Malimash, Inc. 2014 Financial Data ($ millions) Income Statement Data Sales Revenue  $7,120.00 Depreciation  $230.00 Interest Expense  $10.00 Pr ...

1 why would a companys costs of manufacturing and

1. Why would a companys costs of manufacturing and procurement tend to increase as the firm changes from an MTP to an MTO strategy? Why would inventory costs tend to decrease? 2. How does a firms marketing strategy impac ...

Given xyzs assets are currently worth 17b and that the risk

Given: XYZ's assets are currently worth $1.7B and that the risk free rate is 10% P/A [annual compounding; a year from now, the value of XYZ assets will be either be worth $2.2 B or $1.6 B. XYZ issued some time ago a zero ...

For this question i had been using spirit airlines 2015 10k

For this question I had been using Spirit AIrlines 2015 10k report on module 1. However, I'm a bit lost as to how to read it in terms of bonds. Can someone explain this to me?  http://ir.spirit.com/financials.cfm  Using ...

2015 tesla motors - 2e how do the findings compare with the

2015 Tesla Motors - 2E. How do the findings compare with the industry averages? Explain why you selected the proposed industry. If the company does not have a clear comparable industry then compare with three closest com ...

A companys current ratio is 30 if the company uses cash to

A company's current ratio is 3.0. If the company uses cash to retire notes payable due within one year, would this transaction increase or decrease the current ratio and asset turnover ratio? Current Ratio: Decrease; Ass ...

1 how do researchers maintain the confidentiality of

1. How do researchers maintain the confidentiality of participants responses? 2. Describe the Milgram (1963) study and discuss the ethical issues it raised. , 3. What are the basic ethical principles that animal research ...

Graph the means in figure 914 for the interaction between

Graph the means in Figure 9.14 for the interaction between self-esteem and ego threat. Does the graph look like one in which an interaction is present? Why or why not?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro