(Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2012.
|
Debits |
Credits |
|
|
Cash |
$197,000 |
|
|
Sales |
$7,900,000 |
|
|
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 |
352,000 |
|
|
Allowance for Doubtful Accounts |
25,000 |
|
|
Administrative Expenses |
900,000 |
|
|
Interest Expense |
211,000 |
|
|
Inventory |
597,000 |
|
|
Extraordinary Gain |
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 |
Instructions
Prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes.