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

Debit Credit
Cash $200,230
Sales $8,104,580
Debt Investments (trading) (at cost, $145,000) 157,580
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 302,230
Equity Investments (long-term) 280,230
Notes Payable (short-term) 94,580
Accounts Payable 459,580
Selling Expenses 2,004,580
Investment Revenue 67,550
Land 264,580
Buildings 1,043,230
Dividends Payable 139,230
Accrued Liabilities 100,580
Accounts Receivable 439,580
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 29,580
Administrative Expenses 904,550
Interest Expense 215,550
Inventory 600,230
Gain 84,550
Notes Payable (long-term) 903,230
Equipment 604,580
Bonds Payable 1,003,230
Accumulated Depreciation-Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,004,580
Treasury Stock 195,580
Patents 195,000
Retained Earnings 81,230
Paid-in Capital in Excess of Par 83,230
Totals $12,367,730 $12,367,730

Required:
Prepare a balance sheet at December 31, 2020, for Scott Butler Corporation.

Question

15-10-2020
Business

contestada

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

Debit Credit
Cash $200,230
Sales $8,104,580
Debt Investments (trading) (at cost, $145,000) 157,580
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 302,230
Equity Investments (long-term) 280,230
Notes Payable (short-term) 94,580
Accounts Payable 459,580
Selling Expenses 2,004,580
Investment Revenue 67,550
Land 264,580
Buildings 1,043,230
Dividends Payable 139,230
Accrued Liabilities 100,580
Accounts Receivable 439,580
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 29,580
Administrative Expenses 904,550
Interest Expense 215,550
Inventory 600,230
Gain 84,550
Notes Payable (long-term) 903,230
Equipment 604,580
Bonds Payable 1,003,230
Accumulated Depreciation-Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,004,580
Treasury Stock 195,580
Patents 195,000
Retained Earnings 81,230
Paid-in Capital in Excess of Par 83,230
Totals $12,367,730 $12,367,730

Required:
Prepare a balance sheet at December 31, 2020, for Scott Butler Corporation.

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Answer:

Scott Butler Corporation

Balance sheet as at December 31, 2020

$ $

Non-Current Assets

Land 264,580

Buildings 1,043,230

Less Accumulated Depreciation-Buildings (152,000) 891,230

Equipment 604,580

Accumulated Depreciation-Equipment (60,000) 544,580

Debt Investments (long-term) 302,230

Equity Investments (long-term) 280,230

Franchises 160,000

Patents 195,000

Total Non - Current Assets 2,637,620

Current Assets

Inventory 600,230

Debt Investments (trading) (at cost, $145,000) 157,580

Accounts Receivable 439,580

Less Allowance for Doubtful Accounts (29,580) 410,000

Cash 200,230

Total Current Assets 1,368,040

Total Assets 3,255,050

Equity and Liabilities

Equity

Common Stock ($5 par) 1,004,580

Treasury Stock 195,580

Paid-in Capital in Excess of Par 83,230

Retained Earnings 81,230

Total Equity 1,364,620

Liabilities

Non-Current Liabilities

Notes Payable (long-term) 903,230

Bonds Payable 1,003,230

Total Non-Current Liabilities 1,906,460

Current Liabilities

Accounts Payable 459,580

Notes Payable (short-term) 94,580

Dividends Payable 139,230

Accrued Liabilities 100,580

Total Current Liabilities 793,970

Total Liabilities 1,890,430

Total Equity and Liabilities 3,255,050

Explanation:

A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the Reporting Date.

See the Balance Sheet prepared above.