Accounting - Financial Reporting Normal Balances
Not what you're looking for?
21
The following accounts appeared on the trial balance of Elbert Company at December 31, 2008. All accounts have normal balances.
Notes Payable $64,000 Accounts Receivable $172,800
Accumulated Depreciation - Bldg. $261,000 Prepaid Expenses $18,750
Supplies on Hand $12,600 Customers' Deposits $1,250
Accrued Salaries and Wages $11,400 Common Stock*** $375,000
*Investments in Debt Securities $93,800
Cash $56,750 Inventories (average cost) $526.750
Bonds Payable Due 1/1/12 $400,000 Land at Cost $155,000
Allowance for Doubtful Accts. $2,600 Trading Securities**** $24,400
Franchise $64,300 Accrued Interest on Notes Payable $650
Notes Receivable $46,000 Buildings at Cost $642,000
Income Taxes Payable $52,000 Accounts Payable $136,650
Preferred Stock** $250,000 Additional Paid-in Capital $54,600
Appropriated Retained Earnings $98,000
Unappropriated Retained Earnings $106,000
*The company intends to hold the securities until maturity, which is in ten years.
**8% cumulative; $10 par value; 25,000 shares authorized and outstanding.
***$1 par value; 400,000 shares authorized; 375,000 shares issued and outstanding.
****The company intends to sell the trading securities in the next year.
Directions: Prepare a classified balance sheet for Elbert Company on December 31, 2008 on a separate Excel spreadsheet as directed on the Problem Set 1 directions.
Purchase this Solution
Solution Summary
Financial reporting normal balances are examined. The accumulated depreciation prepaid expenses are determined.
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.