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In: Accounting

Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the...

Prepare Balance Sheet

The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises.

Account Title

Debits

Credits

  Cash

105,000

  Investments

274,000

  Accounts receivable

161,000

  Inventories

234,000

  Loans to employees

59,000

  Prepaid expenses (for 2019)

35,000

Rent expense

84,000

  Land

299,000

  Building

1,740,000

  Machinery and equipment

656,000

Trademark

171,000

Copyright

59,000

Bad debt expense

6,200

Depreciation expense

98,750

Dividends

40,000

  Note receivable

345,000

  Interest receivable

31,000

Cost of goods sold

242,000

  Accumulated depreciation—building

639,000

  Accumulated depreciation—equipment

229,000

  Accounts payable

208,000

  Dividends payable (payable on 1/30/19)

29,000

  Interest payable

35,000

Interest revenue

42,000

  Taxes payable

59,000

Accumulated other comprehensive income

125,000

  Deferred revenue

79,000

  Notes payable

338,000

  Allowance for uncollectible accounts

27,000

  Common stock

2,076,000

  Retained earnings

168,950

Sales revenue

585,000

        Totals

4,639,950

4,639,950

Additional Information:

1. The common stock represents 500,000 shares of no par stock authorized, 400,000 shares issued and outstanding.

2. The loans to employees are due on February 14, 2020.

3. The note receivable is due in installments of $86,250, payable on each June 30. Interest is payable annually.

4. Investments consist of $35,000 in treasury bills purchased on November 15 of the current year that mature on January 10, 2019, $45,000 in marketable equity securities the company intends to sell in the next year, with the remaining being marketable equity securities that the company does not plan to sell in the next year.

5. Deferred revenue represents customer payments for extended service contracts. Forty percent of these contracts expire in 2019, the remainder in 2020.

6. Notes payable consists of the following: $40,000 note due in six months, $100,000 note due in six years, and $198,000 note due in three annual installments of $66,000 each, with the next installment due August 31, 2019.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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