Balance Sheet Preparation
The following is a December 31, 2015, post-closing trial balancefor the Happy Valley Corporation.
Account Title Debits Credits Cash 25100 Accounts Receivable 53600 Inventories 82000 Interest Payable 8420 Marketable Securities 41600 Land 105000 Buildings 304000 Accumulated Depreciation -- Building 100000 Equipment 76000 Accumulated Depreciation -- Equipment 25600 Copyright (net of Amortization) 9760 Prepaid Expenses 32700 Accounts Payable 60200 Unearned Revenues 17300 Notes Payable 256000 Allowance for Uncollectible Accounts 4950 Common Stock ? Retained Earnings 69900
Additional Information:
1. The $105000 balance in the landaccount consists of $87600 for the cost of land where the plant andoffice buildings are located. The remaining amount represents thecost of land being held for speculation.
2. The $41600 in the marketablesecurities account represents an investment in the common stock ofanother corporation. Valley intends to sell one-half of the stockwithin the next year.
3. The notes payable account consistsof a note due in six months and a $187000 note due in three equalannual installments, with the first payment due in August of2015.
Required: Calculate the following balance sheet totals for theValley Pump Corporation at December 31, 2014.
Common Stock
Current Assets
Property, Plant and Equipment (net)
Intangible and Other Assets
Total Assets
Short-term Note Payable
Current Liabilities
Long-term Liabilities
Total Equity
Total Liabilities and Equity
Please include a detailed answer for the accounts you includedto find the balance of each.
| Balance Sheet Preparation The following is a December 31, 2015, post-closing trial balancefor the Happy Valley Corporation.
Additional Information: 1. The $105000 balance in the landaccount consists of $87600 for the cost of land where the plant andoffice buildings are located. The remaining amount represents thecost of land being held for speculation. 2. The $41600 in the marketablesecurities account represents an investment in the common stock ofanother corporation. Valley intends to sell one-half of the stockwithin the next year. 3. The notes payable account consistsof a note due in six months and a $187000 note due in three equalannual installments, with the first payment due in August of2015. Required: Calculate the following balance sheet totals for theValley Pump Corporation at December 31, 2014. Common Stock Current Assets Property, Plant and Equipment (net) Intangible and Other Assets Total Assets Short-term Note Payable Current Liabilities Long-term Liabilities Total Equity Total Liabilities and Equity |
Please include a detailed answer for the accounts you includedto find the balance of each.
