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In: Accounting

Presented below is the trial balance of Cullumber Corporation at December 31, 2020.     Debit...

Presented below is the trial balance of Cullumber Corporation at December 31, 2020.

   

Debit

  

Credit

Cash

  

$   201,010

    

Sales

      

$ 8,104,270

Debt Investments (trading) (at cost, $145,000)

  

157,270

    

Cost of Goods Sold

  

4,800,000

    

Debt Investments (long-term)

  

303,010

    

Equity Investments (long-term)

  

281,010

    

Notes Payable (short-term)

      

94,270

Accounts Payable

      

459,270

Selling Expenses

  

2,004,270

    

Investment Revenue

      

65,700

Land

  

264,270

    

Buildings

  

1,044,010

    

Dividends Payable

      

140,010

Accrued Liabilities

      

100,270

Accounts Receivable

  

439,270

    

Accumulated Depreciation-Buildings

      

152,000

Allowance for Doubtful Accounts

      

29,270

Administrative Expenses

  

902,700

    

Interest Expense

  

213,700

    

Inventory

  

601,010

    

Gain

      

82,700

Notes Payable (long-term)

      

904,010

Equipment

  

604,270

    

Bonds Payable

      

1,004,010

Accumulated Depreciation-Equipment

      

60,000

Franchises

  

160,000

    

Common Stock ($5 par)

      

1,004,270

Treasury Stock

  

195,270

    

Patents

  

195,000

    

Retained Earnings

      

82,010

Paid-in Capital in Excess of Par

      

84,010

        Totals

  

$12,366,070

  

$12,366,070


Prepare a balance sheet at December 31, 2020, for Cullumber 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.)

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Expert Solution

ekkarill92 answered 2 years ago
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