Preparation of a balance sheet with given trial balance

Reference no: EM139605

Preparation of a Balance Sheet

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:

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

Reference no: EM139605

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