Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is the trial balance of Sage Corporation at December 31, 2020. Credit Debit $ 200,710 $ 8,101,330 154,330 4,800,000 302,710 280,710 91.330 456,330

image text in transcribedimage text in transcribed

Presented below is the trial balance of Sage Corporation at December 31, 2020. Credit Debit $ 200,710 $ 8,101,330 154,330 4,800,000 302,710 280,710 91.330 456,330 2,001,330 66,670 261,330 1,043,710 139,710 97,330 436,330 Cash Sales Debt Investments (trading) (at cost $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par Totals 152,000 26,330 903,670 214.670 600,710 83,670 903,710 601,330 1,003,710 60,000 160,000 1,001,330 192,330 195,000 81,710 83,710 $12,348,870 $12,348,870 Prepare a balance sheet at December 31, 2020, for Sage Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Assets S Liabilities and Stockholders' Equity S

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions