Reference no: EM131787055

Question - Preparation of a Balance Sheet

Presented below is the trial balance of Vivaldi Corporation at

December 31, 2010.

Debits Credits

Cash $ 1 97,000

Sales $ 7,900,000

Trading Securities (at cost, $145,000) 1 53,000

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 352,000

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 1 60,000

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

Treasury Stock 1 91 ,000

Patent 1 95,000

Retained Earnings 78,000

Paid-in Capital in Excess of Par 80,000

Totals $1 2,315,000 $12,31 5,000

Instructions - Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes.