Question

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 Expense		212,380
Inventory		599,800
Gain				81,380
Notes Payable (long-term)				902,800
Equipment		602,570
Bonds Payable				1,002,800
Accumulated Depreciation-Equipment				60,000
Franchises		160,000
Common Stock ($5 par)				1,002,570
Treasury Stock		193,570
Patents		195,000
Retained Earnings				80,800
Paid-in Capital in Excess of Par				82,800
Totals		$12,347,180		$12,347,180

Prepare a balance sheet at December 31, 2020, for Splish 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

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