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Balance Sheet - John Nalezny Corporation

E5-12. Prepare a balance sheet for John Nalezny Corporation
Debit Credit

Cash 197,000
Sales 8,100,000
Trading Securities, cost of 145,000 153,000
Cost of Goods Sold 4,800,000
Long-term Investments in Bonds 299,000
Long-term Investments in Stock 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
Accum Dep - Buildings 152,000
Allowance for Doubtful Accounts 25,000
Administrative Expenses 900,000
Interest Expenses 211,000
Inventories 597,000
Extraordinary Gain 80,000
Long-term Notes Payable 900,000
Equipment 600,000
Bonds Payable 1,000,000
Accum Dep - Equipment 60,000
Franchise 160,000
Common Stock ($5 par) 1,000,000
Treasury Stock 191,000
Patent 195,000
Retained Earnings 78,000
Additional Paid in Capital 80,000

Totals 12,315,000 12,315,000

Attachments

Solution Preview

Using the attached trial balance as of December 31, 2007, a balance sheet was prepared in good form. See Excel attached.

John Nalezny Corporation
Balance Sheet
31-Dec-07

ASSETS

Current Assets
Cash $197,000
Accounts receivable, net of allowance of $25,000 410,000
Trading securities, cost of $145,000 153,000
...

Solution Summary

From the trial balance presented in the problem, a balance sheet in good form is prepared.

$2.19