1. Presented below is the adjusted trial balance of Winding, Inc. at August 31, 2020: Debits...

1. Presented below is the adjusted trial balance of Winding, Inc. at August 31, 2020:

	Debits	Credits
Cash	$295,000
Sales		$12,150,000
Debt Securities - Trading	200,000
Cost of Goods Sold	7,200,000
Long-term Investments in Bonds	448,000
Long-term Investments in Stocks	416,000
Notes Payable due in April, 2021		135,000
Accounts Payable		682,000
Selling Expenses	3,000,000
Interest Revenue		95,000
Land	390,000
Buildings	1,560,000
Prepaid Rent	30,000
Dividends Payable		204,000
Other Current Liabilities		124,000
Accounts Receivable	652,000
Accumulated Depreciation—Buildings		228,000
Allowance for Doubtful Accounts		38,000
Administrative Expenses	1,350,000
Interest Expense	317,000
Inventory Premium on Bonds Payable	895,000	150,000
Gain on Sale of Land		120,000
Notes Payable due in May, 2023		1,200,000
Equipment	900,000
Bonds Payable		1,500,000
Accumulated Depreciation – Equipment		90,000
Patent	240,000
Unearned Revenue		20,000
Common Stock ($5 par)		1,500,000
Treasury Stock	287,000
Goodwill	293,000
Retained Earnings		117,000
Paid-in Capital in Excess of Par Value	_________	120,000
Totals	$18,473,000	$18,473,000

Use the form provided to prepare a classified Balance Sheet for Winding, Inc. Ignore income

Expert Solution

BALANCE SHEET

WINDING INC

AS ON AUG 31 2020

S.NO

Particulars

Details ($)

Amount ($)

Assets

1.	current assets
2.	cash		295000
3.	short term investment (debt securities))		200000
4.	accounts receivable	652000
5.	less:allowance for uncollectable accounts	(38000)
6.	accounts receivable net (4-5)		614000
7.	inventory		895000
8.	prepaid rent		30000
9.	total current assets (2+3+6+7+8)		2034000
10.	investments:
11.	longterm investment in bonds	448000
12.	longterm investment in stocks	416000
13.	total investmnets (11+12)		864000
14.	property,plant and equipment
15.	land		390000
16.	building	1560000
17.	less:depreciation	(228000)	1332000
18.	equipment	900000
19.	less:depreciation	(90000)	810000
20.	net property,plant and equipment (15+17+19)		2532000
21.	intangible assets:
22.	goodwill		293000
23.	patent		240000
24.	total assets (9+13+20+22+23)		5963000

Liabilities & Shareholders Equity

25.	Current liabilities:
26.	accounts payable	682000
27.	notes payable	135000
28.	dividend payable	204000
29.	other current liabilities	124000
30.	unearned revenue	20000
31.	total current liabilities (26+27+28+29+30)		1165000
32.	longterm liabilities:
33.	notes payable	1200000
34.	bond payable	1500000
35.	premium on bond payable	150000
36.	total longterm liabilities (33+34+35)		2850000
37.	shareholders equity:
38.	common stock (300000 shares @ 5)	1500000
39.	add:paid in capital excess of par	120000
40.	retained earnings	117000
41.	add:net income	498000
42.	less:treasury stock	(287000)
43.	total share holders equity (38+39+40+41-42)		1948000
44.	total liabilities and shareholders equity (31+36+43)		5963000

----------HOPE THIS IS HELPFUL

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