Instruction: Given the following account information for Kasper Industries, prepare a Balance Sheet (account or report...

Instruction: Given the following account information for Kasper Industries, prepare a Balance Sheet (account or report form) for the company as of December 31, 2020, in good form. All accounts have normal balances.

Accounts payable 75,000

Accounts Receivables 57,000

Accumulated depreciation 40,000

Additional Paid-in-capital 10,000

Allowance for doubtful accounts 3,800

Available-for-Sale securities (Lt-term) 48,300

Bonds payable 100,000

Cash 73,100

Cash surrender value of life insurance 9,400

Common Stock 140,000

Equipment 135,000

Franchises 9,000

Inventories 60,000

Land 71,000

Mortgage payable 70,000

Note payable (due in 6 months) 2,500

Patents 32,000

Preferred Stock 20,000

Retained Earnings (12/31/20) 100,000

Trading securities 19,000

Treasury Stock 51,500

Unearned revenue 4,000

Note: If the Trial Balance has Revenues and Expenses accounts, then the Closing Entries have not been made for the year. The Retained Earnings will be for the beginning of the year. However, if there are not any Revenues ad Expense in the Trial Balance, then closing entries have been made. The Retained Earnings is for the end of the year.

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