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Question - Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150,000
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200,000
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation-Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation-Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
Totals
$18,473,000
Instruction: Prepare Balance Sheet for Hightower Corporation at December 31, 2017.
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