Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dooley Companys December 31 balance sheet accounts contain the following balances: Cash $9,000 Accounts payable 18,000 Building 439,500 Long-term notes payable 785,000 Common stock 900,000
Dooley Companys December 31 balance sheet accounts contain the following balances: Cash $9,000 Accounts payable 18,000 Building 439,500 Long-term notes payable 785,000 Common stock 900,000 Retained earnings 70,000 Accumulated depreciationEquipment 180,000 Land 829,500 Accounts receivable 22,500 Accumulated depreciationBuilding 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Short-term notes payable 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 1,500 Prepare a December 31 classified balance sheet for Dooley Company. TIP: Enter all amounts as positive numbers. Refer to Exhibit 4-2 for help with the order of presentation. DOOLEY COMPANY Balance Sheet December 31 ASSETS Current assets: Total current assets Property, plant, and equipment Land 135,000 Total property, plant, and equipment Intangible assets: Total Assets LIABILITIES Current liabilities: 6,000 Total current liabilities Long-term liabilities: Total liabilities STOCKHOLDERS' EQUITY Total stockholders' equity Total Liabilities and Stockholders Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started