Question

Presented below is the trial balance of Nash Corporation at December 31, 2017.

		Debit		Credit
Cash		$   201,180
Sales				$ 8,104,150
Debt Investments (trading) (cost, $145,000)		157,150
Cost of Goods Sold		4,800,000
Debt Investments (long-term)		303,180
Equity Investments (long-term)		281,180
Notes Payable (short-term)				94,150
Accounts Payable				459,150
Selling Expenses		2,004,150
Investment Revenue				67,230
Land		264,150
Buildings		1,044,180
Dividends Payable				140,180
Accrued Liabilities				100,150
Accounts Receivable		439,150
Accumulated Depreciation-Buildings				152,000
Allowance for Doubtful Accounts				29,150
Administrative Expenses		904,230
Interest Expense		215,230
Inventory		601,180
Gain (extraordinary)				84,230
Notes Payable (long-term)				904,180
Equipment		604,150
Bonds Payable				1,004,180
Accumulated Depreciation-Equipment				60,000
Franchises		160,000
Common Stock ($5 par)				1,004,150
Treasury Stock		195,150
Patents		195,000
Retained Earnings				82,180
Paid-in Capital in Excess of Par				84,180
Totals		$12,369,260		$12,369,260

Prepare a balance sheet at December 31, 2017, for Nash 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.)

Answer 1

Answer:

Nash Corporation Balance Sheet December 31 2017
Current Assets
Cash		201180
Debt Investments (trading)		157150
Accounts receivable	439150
Less: Allowance for doubtful accounts	29150	410000
Inventory		601180
Total Current Assets		1369510
Long term investments
Debt Investments	303180
Equity Investments	281180
Total long term investments		584360
Property, plant and equipment
Land	264150
Building	1044180
Less: Accumulated depreciation - equipment	(152000)
Equipment	604150
Less: Accumulated depreciation - equipment	(60000)
Total PPE		1700480
Intangible Assets
Franchises	160000
Patents	195000
Total Intangible Assets		355000
Total Assets		4009350
Curent liabilities
Accounts payable	459150
Notes payable (short term)	94150
Dividends payable	140180
Accrued liabilities	100150
Total current liabilities		793630
Long term debt
Notes payable (long term )	904180
Bonds payable	1004180
Total long term liabilities		1908360
Total Liabilities		2701990
Stockholders equity
Paid in capital
Common stock ($5 par)	1004150
Additional paid in capital	84180	1088330
Retained earnings		414180
Total paid in capital and retained earnings		1502510
Less: Treasury Stock	195150
Total Stockholders equity		1307360
Total liabilities and Stockholders equity		4009350
Income Statement
Sales		8104150
Less: Cost of goods sold	4800000
Gross profit		3304150
Add: Investment Revenue	67230
Gain Extraordinary	84230
Less:
Administrative expense	904230
Interest expense	215230
Selling expense	2004150
Net Income		332000
Opening Retained Earnings		82180
Add: Net Income	332000
Closing Retained Earnings		414180