Question
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020. Debit Credit Cash 295,000 Sales Revenue $12,150,000 Debt Investments (trading)
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.
| Debit | Credit |
Cash | 295,000 |
|
Sales Revenue |
| $12,150,000 |
Debt Investments (trading) (at cost, $218,000) | 230,000 |
|
Cost of Goods Sold | 7,200,000 |
|
Debt Investments (long-term) | 448,000 |
|
Equity Investments (long-term) | 416,000 |
|
Notes Payable (short-term) |
| 135,000 |
Accounts Payable |
| 682,000 |
Selling Expenses | 3,000,000 |
|
Investment Revenue |
| 95,000 |
Land | 390,000 |
|
Buildings | 1,560,000 |
|
Dividends Payable |
| 204,000 |
Accrued Liabilities |
| 144,000 |
Accounts Receivable | 652,000 |
|
Accumulated DepreciationBuildings |
| 228,000 |
Allowance for Doubtful Accounts |
| 38,000 |
Administrative Expenses | 1,350,000 |
|
Interest Expense | 317,000 |
|
Inventory | 895,000 |
|
Gain |
| 120,000 |
Notes Payable (long-term) |
| 1,350,000 |
Equipment | 900,000 |
|
Bonds Payable |
| 1,500,000 |
Accumulated DepreciationEquipment |
| 90,000 |
Franchises | 240,000 |
|
Common Stock ($5 par) |
| 1,500,000 |
Treasury Stock | 287,000 |
|
Patents | 293,000 |
|
Retained Earnings |
| 117,000 |
Paid-in Capital in Excess of Par |
| 120,000 |
Totals | $18,473,000 | $18,473,000 |
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders equity
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