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.