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Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020. Current Assets: Cash $190,000 Trading securitiesat fair value 80,000 Accounts receivable 250,000
Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020.
Current Assets: | ||
Cash | $190,000 | |
Trading securitiesat fair value | 80,000 | |
Accounts receivable | 250,000 | |
Allowance for doubtful accounts | $10,000 | |
Inventories, at lower of average cost or market | 400,000 | |
Supplies | 60,000 | |
Oil & Gas | 40,000 | |
Prepaid rent | 16,000 | |
Prepaid expenses | 14,000 | |
Total current assets | ||
Long-term investments: | ||
Land held for future use | 800,000 | |
LT investments | 500,000 | |
Property, plant, and equipment | ||
Building | 300,000 | |
Accumulated. Dep. building | 50,000 | |
Equipment | 700,000 | |
Accumulated Dep. equipment | 150,000 | |
Intangible assets | ||
Goodwill | 30,000 | |
Copyrights | 25,000 | |
Total Assets | ||
Current liabilities | ||
Accounts payable | 75,000 | |
Notes payable (due next year) | 55,000 | |
Rent payable | 35,000 | |
Total current liabilities | ||
Long-term liabilities | ||
Bonds payable | 355,000 | |
Premium on bonds payable | 5,000 | |
Pension obligation | 85,000 | |
LT loan | 600,000 | |
Total liabilities | ||
Stockholders' equity | ||
Common stock, $2 par, authorized 800,000 shares, issued 500,000 shares | 1,000,000 | |
Additional paid-in capital CS | 300,000 | |
Preferred stock, $5 par, issued 50,000 | 250,000 | |
Additional paid-in capital PS | 100,000 | |
Retained earnings | 335,000 | |
Total stockholders' equity | ||
Total liabilities and stockholders' equity | 3,405,000 | 3,405,000 |
Prepare the following:
- current assets section of balance sheet.
- LT investment section of balance sheet.
- Intangible assets section of balance sheet.
- Other assets section of balance sheet.
- Current liabilities section of balance sheet.
- LT liabilities section of balance sheet.
- Stockholders' equity section of balance sheet.
- Complete balance sheet.
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