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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

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