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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
Equipment
600,000
Bonds Payable
1,000,000
Accumulated Depreciation-Equipment
60,000
Franchise
160,000
Common Stock ($5 par)
Treasury Stock
191,000
Patent
195,000
Retained Earnings
78,000
Additional Paid-in Capital
Totals
$12,315,000
Instructions:
Prepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes.
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