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E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2012
Debits
Credits
Cash
$ 197,000
Sales
$ 7,900,000
Debt Investments (trading) (cost, $145,000)
153,000
Cost of Goods Sold
4,800,000
Debt Investments (long-term)
299,000
Equity Investments (long-term)
277,000
Notes Payable (short-term)
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
352,000
Allowance for Doubtful Accounts
25,000
Administrative Expenses
900,000
Interest Expense
211,000
Inventory
597,000
Extraordinary Gain
80,000
Notes Payable (long-term)
Equipment
600,000
Bonds Payable
1,000,000
Accumulated Depreciation-Equipment
60,000
Franchises
160,000
Common Stock ($5 par)
Treasury Stock
191,000
Patents
195,000
Retained Earnings
78,000
Paid-in Capital in Excess of Par
Totals
$12,315,000
Instructions
Prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes.
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