Problem 123

Given the following account information for Leong Corporation.

Equipment		59,450
Interest Expense		2,380
Interest Payable		570
Retained Earnings		?
Dividends		66,150
Land		137,680
Accounts Receivable		101,010
Bonds Payable		79,820
Notes Payable (due in 6 months)		30,520
Common Stock		67,780
Accumulated Depreciation - Equipment.		11,940
Prepaid Advertising		4,820
Service Revenue		345,340
Buildings		78,090
Supplies		1,860
Income Taxes Payable		2,910
Utilities Expense		1,370
Advertising Expense		1,630
Salaries and Wages Expense		50,470
Salaries and Wages Payable		940
Accumulated Depr. - Building.		15,900
Cash		43,220
Depreciation Expense		7,590

Prepare a balance sheet in report form for the company as of December 31, 2017. All accounts have normal balances. (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Leong Corporation Balance Sheet Asset Liabilities & Stockholders' Equity