Question

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

		Debit		Credit
Cash		$   200,620
Sales				$ 8,104,760
Debt Investments (trading) (cost, $145,000)		157,760
Cost of Goods Sold		4,800,000
Debt Investments (long-term)		302,620
Equity Investments (long-term)		280,620
Notes Payable (short-term)				94,760
Accounts Payable				459,760
Selling Expenses		2,004,760
Investment Revenue				66,470
Land		264,760
Buildings		1,043,620
Dividends Payable				139,620
Accrued Liabilities				100,760
Accounts Receivable		439,760
Accumulated Depreciation-Buildings				152,000
Allowance for Doubtful Accounts				29,760
Administrative Expenses		903,470
Interest Expense		214,470
Inventory		600,620
Gain (extraordinary)				83,470
Notes Payable (long-term)				903,620
Equipment		604,760
Bonds Payable				1,003,620
Accumulated Depreciation-Equipment				60,000
Franchises		160,000
Common Stock ($5 par)				1,004,760
Treasury Stock		195,760
Patents		195,000
Retained Earnings				81,620
Paid-in Capital in Excess of Par				83,620
Totals		$12,368,600		$12,368,600

Prepare a balance sheet at December 31, 2017, for Marigold 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

Solution:

Marigold Corporation
Balance Sheet
As on December 31, 2017
Particulars	Details	Amount
Assets:
Current Assets:
Cash		$200,620.00
Accounts receivables - Gross	$439,760.00
Less: Allowance for doubtful accounts	$29,760.00	$410,000.00
Inventory		$600,620.00
Investments:
Debt Investment (Trading)		$157,760.00
Debt Investment (Long term)		$302,620.00
Stock Investment (Long term)		$280,620.00
Property, Plant & Equipment:
Land		$264,760.00
Building	$1,043,620.00
Accumulated Depreciation - Building	$152,000.00	$891,620.00
Equipment	$604,760.00
Accumulated Depreciation - Equipment	$60,000.00	$544,760.00
Intangible Assets:
Franchises		$160,000.00
Patents		$195,000.00
Total Assets		$4,008,380.00
Liabilities:
Current Liabilities:
Notes Payable		$94,760.00
Accounts Payable		$459,760.00
Dividend payable		$139,620.00
Accrued liabilities		$100,760.00
Long term liabilities:
Bond payable		$1,003,620.00
Notes Payable		$903,620.00
Stockholder's Equity:
Common Stock		$1,004,760.00
Paid-in Capital in Excess of Par		$83,620.00
Retained earnings [$81,620 + $332,000 (Profit)]		$413,620.00
Treasury Stock		-$195,760.00
Total Liabilities & Stockholder's Equity		$4,008,380.00