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Preparation of Balance Sheet Conlon Corporation's December 31 post-closing trial balance contains the following normal account balances: Cash $2,200 Accounts payable 14,300 Building 308,000 Long-term
Preparation of Balance Sheet
Conlon Corporation's December 31 post-closing trial balance contains the following normal account balances:
Cash | $2,200 |
Accounts payable | 14,300 |
Building | 308,000 |
Long-term notes payable | 1,045,000 |
Common stock | 440,000 |
Retained earnings | 388,300 |
Accumulated depreciation-Equipment | 143,000 |
Land | 1,240,800 |
Accounts receivable | 23,100 |
Accumulated depreciation-Building | 77,000 |
Interest payable | 26,400 |
Patent (net of amortization) | 55,000 |
Notes payable (short term) | 88,000 |
Inventory | 150,700 |
Equipment | 292,600 |
Allowance for doubtful accounts | 1,100 |
Accumulated depreciation-Leasehold improvements | 24,200 |
Leasehold improvements | 154,000 |
Trademark (net of amortization) | 20,900 |
Required
Prepare a December 31 classified balance sheet for Conlon Corporation.
Do not use negative signs with any of your answers.
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