Balance Sheet The following is a list (in random order) of the December 31, 2007 balance sheet accounts of the Midwest Company:
|
Additional paid in capital on preferred stock |
$1,600 |
Accounts payable |
$16,500 |
|
Accounts receivable |
13,800 |
Prepaid insurance |
900 |
|
Dividends payable |
1,800 |
Discount on bonds payable |
2,000 |
|
Buildings |
50,000 |
Common stock, $10 par |
15,000 |
|
Bonds payable (due 2013) |
29,000 |
Equipment |
29,000 |
|
Retained earnings |
25,800 |
Allowance for doubtful accounts |
700 |
|
Office supplies |
1,900 |
Preferred stock, $50 par |
10,000 |
|
Current income taxes payable |
4,200 |
Accumulated depreciation: buildings |
12,400 |
|
Accumulated depreciation: equipment |
8,300 |
Current interest payable |
2,900 |
|
Patents (net) |
2,400 |
Investment in held to maturity bonds |
9,000 |
|
Notes payable (due January 1, 2010) |
17,000 |
Cash |
8,200 |
|
Inventory |
24,400 |
Treasury stock (at cost) |
1,500 |
|
Additional paid in capital on common stock |
7,700 |
Accrued wages |
3,700 |
|
Sinking fund for bond retirement |
4,000 |
Land |
9,500 |
Required
Prepare a properly classified balance sheet for the Midwest Company on December 31, 2007.