In: Accounting
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.