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Exercise 5-12 Presented below is the trial balance of Splish Corporation at December 31, 2020. Debit Credit Cash $ 199,800 Sales $ 8,102,570 Debt Investments

Exercise 5-12

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

Debit

Credit

Cash

$ 199,800

Sales

$ 8,102,570

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

155,570

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

301,800

Equity Investments (long-term)

279,800

Notes Payable (short-term)

92,570

Accounts Payable

457,570

Selling Expenses

2,002,570

Investment Revenue

64,380

Land

262,570

Buildings

1,042,800

Dividends Payable

138,800

Accrued Liabilities

98,570

Accounts Receivable

437,570

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

27,570

Administrative Expenses

901,380

Interest Expense

212,380

Inventory

599,800

Gain

81,380

Notes Payable (long-term)

902,800

Equipment

602,570

Bonds Payable

1,002,800

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,002,570

Treasury Stock

193,570

Patents

195,000

Retained Earnings

80,800

Paid-in Capital in Excess of Par

82,800

Totals

$12,347,180

$12,347,180

Prepare a balance sheet at December 31, 2020, for Splish Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

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