Question

In: Accounting

Exercise 5-12 Presented below is the trial balance of Stellar Corporation at December 31, 2020. Debit...

Exercise 5-12

Presented below is the trial balance of Stellar Corporation at December 31, 2020.

Debit

Credit

Cash

$   198,350

Sales

$ 8,103,170

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

156,170

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

300,350

Equity Investments (long-term)

278,350

Notes Payable (short-term)

93,170

Accounts Payable

458,170

Selling Expenses

2,003,170

Investment Revenue

65,770

Land

263,170

Buildings

1,041,350

Dividends Payable

137,350

Accrued Liabilities

99,170

Accounts Receivable

438,170

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

28,170

Administrative Expenses

902,770

Interest Expense

213,770

Inventory

598,350

Gain

82,770

Notes Payable (long-term)

901,350

Equipment

603,170

Bonds Payable

1,001,350

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,003,170

Treasury Stock

194,170

Patents

195,000

Retained Earnings

79,350

Paid-in Capital in Excess of Par

81,350

        Totals

$12,346,310

$12,346,310

Prepare a balance sheet at December 31, 2020, for Stellar 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.)

Solutions

Expert Solution

ekkarill92 answered 1 month ago
Next > < Previous

Related Solutions

Exercise 5-12 Presented below is the trial balance of Splish Corporation at December 31, 2020. Debit...
Exercise 5-12 Presented below is the trial balance of Splish Corporation at December 31, 2020. Debit Credit Cash $   199,800 Sales $ 8,102,570 Debt Investments (trading) (at cost, $145,000) 155,570 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,800 Equity Investments (long-term) 279,800 Notes Payable (short-term) 92,570 Accounts Payable 457,570 Selling Expenses 2,002,570 Investment Revenue 64,380 Land 262,570 Buildings 1,042,800 Dividends Payable 138,800 Accrued Liabilities 98,570 Accounts Receivable 437,570 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 27,570 Administrative Expenses 901,380 Interest...
Presented below is the trial balance of Cullumber Corporation at December 31, 2020.     Debit...
Presented below is the trial balance of Cullumber Corporation at December 31, 2020.     Debit   Credit Cash   $   201,010     Sales       $ 8,104,270 Debt Investments (trading) (at cost, $145,000)   157,270     Cost of Goods Sold   4,800,000     Debt Investments (long-term)   303,010     Equity Investments (long-term)   281,010     Notes Payable (short-term)       94,270 Accounts Payable       459,270 Selling Expenses   2,004,270    ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit   ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit       Credit    Cash 295,000 Sales Revenue $12,150,000 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200,000 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest...
Presented below is the trial balance of Oriole Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Oriole Corporation at December 31, 2020. Debit Credit Cash $   199,560 Sales $ 8,103,320 Debt Investments (trading) (at cost, $145,000) 156,320 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,560 Equity Investments (long-term) 279,560 Notes Payable (short-term) 93,320 Accounts Payable 458,320 Selling Expenses 2,003,320 Investment Revenue 67,870 Land 263,320 Buildings 1,042,560 Dividends Payable 138,560 Accrued Liabilities 99,320 Accounts Receivable 438,320 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 28,320 Administrative Expenses 904,870 Interest Expense 215,870...
Presented below is the trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash $   198,500 Sales $ 8,104,040 Debt Investments (trading) (at cost, $145,000) 157,040 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,500 Equity Investments (long-term) 278,500 Notes Payable (short-term) 94,040 Accounts Payable 459,040 Selling Expenses 2,004,040 Investment Revenue 66,950 Land 264,040 Buildings 1,041,500 Dividends Payable 137,500 Accrued Liabilities 100,040 Accounts Receivable 439,040 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,040 Administrative Expenses 903,950 Interest Expense 214,950...
Presented below is the trial balance of Sheridan Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Sheridan Corporation at December 31, 2020. Debit Credit Cash $271,400 Sales Revenue $11,178,000 Debt Investments (trading) (at cost, $218,000) 211,600 Cost of Goods Sold 6,624,000 Debt Investments (long-term) 412,160 Equity Investments (long-term) 382,720 Notes Payable (short-term) 124,200 Accounts Payable 627,440 Selling Expenses 2,760,000 Investment Revenue 87,400 Land 358,800 Buildings 1,435,200 Dividends Payable 187,680 Accrued Liabilities 132,480 Accounts Receivable 599,840 Accumulated Depreciation–Buildings 209,760 Allowance for Doubtful Accounts 34,960 Administrative Expenses 1,242,000 Interest Expense 291,640...
Presented below is the trial balance of Wildhorse Corporation at December 31, 2020.        Debit Credit Cash...
Presented below is the trial balance of Wildhorse Corporation at December 31, 2020.        Debit Credit Cash $383,500 Sales Revenue $15,795,000 Debt Investments (trading) (at cost, $218,000) 299,000 Cost of Goods Sold 9,360,000 Debt Investments (long-term) 582,400 Equity Investments (long-term) 540,800 Notes Payable (short-term) 175,500 Accounts Payable 886,600 Selling Expenses 3,900,000 Investment Revenue 123,500 Land 507,000 Buildings 2,028,000 Dividends Payable 265,200 Accrued Liabilities 187,200 Accounts Receivable 847,600 Accumulated Depreciation–Buildings 296,400 Allowance for Doubtful Accounts 49,400 Administrative Expenses 1,755,000 Interest Expense 412,100...
Presented below is the trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash $   198,500 Sales $ 8,104,040 Debt Investments (trading) (at cost, $145,000) 157,040 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,500 Equity Investments (long-term) 278,500 Notes Payable (short-term) 94,040 Accounts Payable 459,040 Selling Expenses 2,004,040 Investment Revenue 66,950 Land 264,040 Buildings 1,041,500 Dividends Payable 137,500 Accrued Liabilities 100,040 Accounts Receivable 439,040 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,040 Administrative Expenses 903,950 Interest Expense 214,950...
Presented below is the trial balance of Sandhill Corporation at December 31, 2020.        Debit Credit Cash...
Presented below is the trial balance of Sandhill Corporation at December 31, 2020.        Debit Credit Cash $354,000 Sales Revenue $14,580,000 Debt Investments (trading) (at cost, $218,000) 276,000 Cost of Goods Sold 8,640,000 Debt Investments (long-term) 537,600 Equity Investments (long-term) 499,200 Notes Payable (short-term) 162,000 Accounts Payable 818,400 Selling Expenses 3,600,000 Investment Revenue 114,000 Land 468,000 Buildings 1,872,000 Dividends Payable 244,800 Accrued Liabilities 172,800 Accounts Receivable 782,400 Accumulated Depreciation–Buildings 273,600 Allowance for Doubtful Accounts 45,600 Administrative Expenses 1,620,000 Interest Expense 380,400...
Presented below is the trial balance of Sandhill Corporation at December 31, 2020.        Debit Credit Cash...
Presented below is the trial balance of Sandhill Corporation at December 31, 2020.        Debit Credit Cash $289,100 Sales Revenue $11,907,000 Debt Investments (trading) (at cost, $218,000) 225,400 Cost of Goods Sold 7,056,000 Debt Investments (long-term) 439,040 Equity Investments (long-term) 407,680 Notes Payable (short-term) 132,300 Accounts Payable 668,360 Selling Expenses 2,940,000 Investment Revenue 93,100 Land 382,200 Buildings 1,528,800 Dividends Payable 199,920 Accrued Liabilities 141,120 Accounts Receivable 638,960 Accumulated Depreciation–Buildings 223,440 Allowance for Doubtful Accounts 37,240 Administrative Expenses 1,323,000 Interest Expense 310,660...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT