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Please prepare a Balance Sheet The following is the trial balance of XYZ Corporation as of December 31, 2021 Debits $ 197,000 Cash Sales 153,000
Please prepare a Balance Sheet
The following is the trial balance of XYZ Corporation as of December 31, 2021 Debits $ 197,000 Cash Sales 153,000 Trading Securities (at Cost, $145,000) Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term Investments in Stocks 277,000 Short-term Notes Payable Accounts Payable Selling Expenses 2,000,000 Investment Revenue Land 260,000 Buildings 1,040,000 Dividends Payable Accrued Liabilities Accounts Receivable 435,000 Accumulated Depreciation -Buildings Allowance For Doubtful Accounts Administrative Expenses 900,000 211,000 Interest Expense Inventories 597,000 Extraordinary Gain Prior Period Adjustment- Depr. Error 140,000 Long-term Notes Payable Equipment 600,000 Bonds Payable Accumulated Depreciation -Equipment Franchise (net of $80,000 amort.) 160,000 Common Stock ($5 par) Treasury Stock 191,000 Patent (net of $30,000 amort.) 195,000 Retained Earnings Additional Paid-in Capital Totals $12,455,000 Instructions Prepare a Sheet at December 31, 2021 Credits $ 8,100,000 90,000 455,000 63,000 136,000 96,000 152,000 25,000 80,000 900,000 1,000,000 60,000 1,000,000 218,000 80,000 $12.455,000Step by Step Solution
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