Class,

Balance sheet computations.

The following accounts appeared on the trail balance of Elbert Company at December 31, 2020.

Notes Payable (short-term)

$192,000

Accounts Receivable

$518,400

Accumulated Depreciation - Bldg.

783,000

Prepaid Insurance

56,250

Supplies

37,800

Salaries and Wages Payable

34,200

Common Stock

1,125,000

Debt Investments (long-term)

281,400

Unappropriated Retained Earnings

318,000

Cash

170,250

Inventory

1,580,250

Bonds Payable Due 1/1/2028

1,200,000

Land

465,000

Allowance for Doubtful Accts.

7,800

Trading Securities

73,200

Copyrights

192,900

Interest Payable

5,700

Notes Receivable (due in 6 months)

138,000

Buildings

1,926,000

Income Taxes Payable

156,000

Accounts Payable

409,950

Preferred Stock

750,000

Additional Paid-in Capital

163,800

Appropriated Retained Earnings

294,000

Instructions

Compute each of the following:

1.Total current assets

2.Total property, plant, and equipment

3.Total assets

4.Total current liabilities

5.Total stockholders' equity