Preparation of Balance Sheet

Dooley Company$$s December $31$ post$-$closing trial balance contains the following normal 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 depreciation$$Equipment $180,000$

Land $829,500$

Accounts receivable $22,500$

Accumulated depreciation$$Building $135,000$

Wages payable $6,000$

Patent $($net of amortization$)120,000$

Notes payable $($short term$)131,000$

Inventory $206,000$

Equipment $600,000$

Allowance for doubtful accounts $1,500$

Required

Prepare a December $31$ classified balance sheet for Dooley Company.

Do not use negative signs with any of your answers.

DOOLEY COMPANY

Balance Sheet

December $31$

Assets

Current Assets:

Answer

Cash

Answer

$0$

Answer

Accounts Receivable

Answer

$0$

Answer

Less: Allowance for Doubtful Accounts

Answer

$0$

Answer

$0$

Answer

Inventory

Answer

$0$

Total Current Assets Answer

$0$

Plant Assets:

Land Answer

$0$

Building Answer

$0$

Answer

Accumulated Depreciation

Answer

$0$

Answer

$0$

Answer

Equipment

Answer

$0$

Answer

Accumulated Depreciation

Answer

$0$

Answer

$0$

Total Plant Assets Answer

$0$

Intangible Assets:

Answer

Patent $($net of amortization$)$

Answer

$0$

Total Assets Answer

$0$

Liabilities

Current Liabilities:

Answer

Accounts Payable

Answer

$0$

Wages Payable Answer

$0$

Notes Payable $($short term$)$ Answer

$0$

Total Current Liabilities Answer

$0$

Long$-$Term Liabilities:

Answer

Notes Payable

Answer

$0$

Total Liabilities Answer

$0$

Stockholders$$ Equity:

Answer

Common Stock

Answer

$0$

Answer

Retained Earnings

Answer

$0$

Total Stockholders' Equity Answer

$0$

Total Liabilities and Stockholders$$ Equity Answer

$0$