Reference no: EM132713387

Question - Presented below is the trial balance of Hightower Corporation at December 31, 2020.

Debit Credit

Cash 295,000

Sales Revenue $12,150,000

Debt Investments (trading) (at cost, $218,000) 230,000

Cost of Goods Sold 7,200,000

Debt Investments (long-term) 448,000

Equity Investments (long-term) 416,000

Notes Payable (short-term) 135,000

Accounts Payable 682,000

Selling Expenses 3,000,000

Investment Revenue 95,000

Land 390,000

Buildings 1,560,000

Dividends Payable 204,000

Accrued Liabilities 144,000

Accounts Receivable 652,000

Accumulated Depreciation-Buildings 228,000

Allowance for Doubtful Accounts 38,000

Administrative Expenses 1,350,000

Interest Expense 317,000

Inventory 895,000

Gain 120,000

Notes Payable (long-term) 1,350,000

Equipment 900,000

Bonds Payable 1,500,000

Accumulated Depreciation-Equipment 90,000

Franchises 240,000

Common Stock ($5 par) 1,500,000

Treasury Stock 287,000

Patents 293,000

Retained Earnings 117,000

Paid-in Capital in Excess of Par 120,000

Totals $18,473,000 $18,473,000

Instructions - Compute each of the following:

1. Compute total current assets

2. Compute total property, plant, and equipment

3. Compute total assets

4. Compute total liabilities

5. Compute total stockholders' equity