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Presented below is the pre-closing trial balance of Hightower Corporation at December 31, 2027. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at
Presented below is the pre-closing trial balance of Hightower Corporation at December 31, 2027. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95.000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144.000 Accounts Receivable 652,000 Accumulated Depreciation-Buildings 228,000 Allowance for Doubtful Accounts 38.000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation-Equipment 90,000 Franchises 240,000 Common Stock ($5 par) 1,500,000 Treasury Stock 287.000 Patents 293.000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120.000 Totals $18.473.000 $18.473.000 Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total liabilities 5. Total stockholders' equity Presented below is the pre-closing trial balance of Hightower Corporation at December 31, 2027. Debit Credit Cash 295,000 Sales Revenue $12,150 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95.000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144.000 Accounts Receivable 652,000 Accumulated Depreciation-Buildings 228,000 Allowance for Doubtful Accounts 38.000 Administrative Expenses 1,350,000 Interest Expense 317,000 Inventory 895,000 Gain 120,000 Notes Payable (long-term) 1,350,000 Equipment 900,000 Bonds Payable 1,500,000 Accumulated Depreciation-Equipment 90,000 Franchises 240,000 Common Stock ($5 par) 1,500,000 Treasury Stock 287.000 Patents 293.000 Retained Earnings 117,000 Paid-in Capital in Excess of Par 120.000 Totals $18.473.000 $18.473.000 Compute each of the following: 1. Total current assets 2. Total property, plant, and equipment 3. Total assets 4. Total liabilities 5. Total stockholders' equity
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