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Problem
Presented below is the adjusted trial balance of Bing Corporation at December 31, 2016.
Debit
Credit
Cash
$ 98,500
Sales
4,250,000
Trading securities (at cost $145,000)
150,000
Unrealized gain on trading securities
5,000
Cost of goods sold
2,600,000
Long-term imestmenz in bonds
149,500
Long-term im e,tmenz in stocks
138,500
Short-term notes payable
43,000
Account payable
227,500
Selling expenses
1,000,000
Investment revenue
31,500
Land
130,000
Buildings
520,000
Dividends payable
68,000
Accrued liabilities
48,000
Account receivable
217,500
Accumulated depreciation--buildings
76,000
Allowance for doubtful account
12,500
Administrative expenses
450,000
Interest expense
105,500
Inventories
298,500
Extraordinary gain
40,000
Prior-period adjustnent-depreciation error
70,000
Long-teen nom, payable
Equipment
300,000
Bonds payable
500,000
Accumulated depreciation--equipment
30,000
Franchise (net of $80,000 of amortization
80,000
Common stock ($5 par)
Treasury stock
95,500
Patent (net of $30,000 amortization)
97,500
Retained earnings
177,500
Additional paid-in capital
$6,501,000
Instructions: Prepare a balance sheet in proper form for Bing Corporation as of December 31,2016. Ignore income taxes.
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