Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation.

Dec 8th, 2014
Sigchi4life
Category:
Accounting
Price: $5 USD

Question description

Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

Debit

Credit

Cash

$ 197,000

Sales

$ 8,100,000

Debt Investments (trading) (cost, $145,000)

153,000

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

299,000

Equity Investments (long-term)

277,000

Notes Payable (short-term)

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

Inventory

597,000

Gain (extraordinary)

80,000

Notes Payable (long-term)

900,000

Equipment

600,000

Bonds Payable

1,000,000

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,000,000

Treasury Stock

191,000

Patents

195,000

Retained Earnings

78,000

Paid-in Capital in Excess of Par

80,000

 Totals

$12,315,000

$12,315,000


Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

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