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31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000...

31-Dec-17 31-Dec-16
Accounts receivable (net) 275,000 196,500
Accumulated Depreciation 300,000 200,000
Additional Paid in Capital-Common 600,000 400,000
Administrative expenses 371,000 475,000
Bond payable, 10% due 2025 500,000 500,000
Cash 162,000 120,000
Common stock, $2 par 200,000 100,000
Cost of goods sold 1,550,000 1,420,500
Current liabilities 267,000 268,000
Depreciation Expense 100,000 100,000
Dividends on common stock 40,000 40,000
Dividends on preferred stock 12,500 12,500
Gain on Sale of Land 125,000 0
Income tax expense 168,000 118,750
Inventories 417,000 132,500
Long-term investments 299,500 250,000
Temporary Investments 387,000 67,500
Mortgage note payable, 9%, due 2030 600,000 0
Other expense (interest) 98,000 50,000
Other income 48,000 47,500
Preferred $2.00 stock, $50 par 500,000 500,000
Prepaid expenses 27,500 30,000
Property, plant, and equipment 2,775,000 2,100,000
Retained earnings, 1/1 928,500 781,500
Sales 3,415,000 3,062,500
Sales returns and allowances 35,000 22,500
Selling expenses 726,000 723,750
Treasury Stock 40,000 0
In addition to the information above, you also need to know the following:
1) The long-term investments were purchased at cost.
2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash,
3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000

4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share

Record a Trial Balance for both years

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ekkarill92 answered 1 year ago
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