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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.)

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Expert Solution

ekkarill92 answered 7 months ago
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