Question 15

Additional information: 1. The market value of the marketable securities as of December 31,20X1, is $532,000, 2. On January 1,20X1, the previous owner purchased a two-year insurance policy for $40,000 to cover years 201 through 202. 3. On December 31,20X1, there were 50,000 shares of stock issued and outstanding witha par value of $10 per share. The 50,000 shares were sold for $2,295,463. 4. Long-term debt can be calculated by subtracting owners' equity and all liabilities other than long-term debt from total assets. Required: Prepare the balance sheet in accordance with the USALI. Problem 15 The trial balance of balance sheet accounts of Lancer's, a popular casual dining spot, as of December 31,203, is as follows