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Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. Account Title Debits Credits Cash 105,000 Investments

Prepare Balance Sheet

The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises.

Account Title

Debits

Credits

Cash

105,000

Investments

274,000

Accounts receivable

161,000

Inventories

234,000

Loans to employees

59,000

Prepaid expenses (for 2019)

35,000

Rent expense

84,000

Land

299,000

Building

1,740,000

Machinery and equipment

656,000

Trademark

171,000

Copyright

59,000

Bad debt expense

6,200

Depreciation expense

98,750

Dividends

40,000

Note receivable

345,000

Interest receivable

31,000

Cost of goods sold

242,000

Accumulated depreciationbuilding

639,000

Accumulated depreciationequipment

229,000

Accounts payable

208,000

Dividends payable (payable on 1/30/19)

29,000

Interest payable

35,000

Interest revenue

42,000

Taxes payable

59,000

Accumulated other comprehensive income

125,000

Deferred revenue

79,000

Notes payable

338,000

Allowance for uncollectible accounts

27,000

Common stock

2,076,000

Retained earnings

168,950

Sales revenue

585,000

Totals

4,639,950

4,639,950

Additional Information:

1. The common stock represents 500,000 shares of no par stock authorized, 400,000 shares issued and outstanding.

2. The loans to employees are due on February 14, 2020.

3. The note receivable is due in installments of $86,250, payable on each June 30. Interest is payable annually.

4. Investments consist of $35,000 in treasury bills purchased on November 15 of the current year that mature on January 10, 2019, $45,000 in marketable equity securities the company intends to sell in the next year, with the remaining being marketable equity securities that the company does not plan to sell in the next year.

5. Deferred revenue represents customer payments for extended service contracts. Forty percent of these contracts expire in 2019, the remainder in 2020.

6. Notes payable consists of the following: $40,000 note due in six months, $100,000 note due in six years, and $198,000 note due in three annual installments of $66,000 each, with the next installment due August 31, 2019.

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