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    Prepare a balance sheet for John Nalezny Corporation

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    Debits Credits
    Cash $ 197,000
    Sales $ 8,100,000
    Trading Securities (at cost, $145,000) 153,000
    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 152,000
    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 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

    Instructions
    Prepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes.

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    https://brainmass.com/business/financial-statements/prepare-a-balance-sheet-for-john-nalezny-corporation-286859

    Solution Preview

    Please see the attached file.

    John Nalezny Corporation
    Balance Sheet
    December 31, 2007
    Assets
    Current assets
    Cash $197,000
    Trading securities 153,000
    Accounts receivable $435,000
    Less: Allowance for doubtful
    accounts
    (25,000)
    410,000
    Inventories 597,000
    Total current assets 1,357,000

    Long-term investments
    Investments in bonds 299,000
    Investments in stocks 277,000
    Total long-term investments 576,000

    Property, plant, and equipment
    Land 260,000
    Buildings 1,040,000
    Less: Accum. ...

    Solution Summary

    The solution provides the full balance sheet as required.

    $2.19

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