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Assignment
Presented below is a partial trial balance for the Messenger Corporation at December 31, 2013.
Cash and Cash equivalents
30,000
Accounts receivable
195,000
Raw materials inventory
36,000
Note Receivable
120,000
Interest Receivable
4,000
Interest Payable
7,000
Marketable securities
48,000
Land
100,000
Buildings
1,500,000
Accumulated Depreciation- buildings
740,000
Work in process inventory
38,000
Finished goods inventory
98,000
Equipment
400,000
Accumulated Depreciation - equipment
230,000
Franchise (net of amortization)
Prepaid Insurance (for the next year)
60,000
Unearned Revenue
Accounts Payable
240,000
Note Payable
500,000
Salaries Payable
6,000
Cash Restricted for payment of note payable
Allowance for uncollected accounts
24,000
Sales Revenue
900,000
Cost of Goods Sold
Salaries Expense
Additionalinformation:
1. The note receivable, along with any accrued interest, is due on November 1, 2014.
2. The note payable is due in 2018. Interest is payable annually.
3. The marketable securities consist of equity securities of other corporations. Management does not intend to sell any of the securities in the next year.
4. Unearned revenue will be earned equally over the next 18 months.
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