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Saturday, January 1, 2022 Saturday, December 31, 2022 Accounts: Debit Credit Debit Credit Cash $ 1,750,000 $ 1,104,690 Accounts receivable $ - $ 475,000 Allowance
| Saturday, January 1, 2022 | Saturday, December 31, 2022 | |||
| Accounts: | Debit | Credit | Debit | Credit |
| Cash | $ 1,750,000 | $ 1,104,690 | ||
| Accounts receivable | $ - | $ 475,000 | ||
| Allowance for doubtful accounts | $ - | $ 23,750 | ||
| Inventory | $ 1,375,000 | $ 325,000 | ||
| Investment in corporate stock | $ - | $ 50,000 | ||
| Investment in municipal bonds | $ - | $ 60,000 | ||
| Cash surrender value of insurance policy | $ - | $ 100,000 | ||
| Land | $ - | $ 400,000 | ||
| Building | $ 1,000,000 | $ 965,000 | ||
| Accumulated Building Depreciation | $ - | $ 40,000 | ||
| Equipment | $ - | $ 2,300,000 | ||
| Accumulated Equipment Depreciation | $ - | $ 200,000 | ||
| Accounts Payable | $ 360,000 | |||
| Notes payable (short term) | $ 840,000 | |||
| Accrued payroll taxes | $ 17,670 | |||
| Accrued state income tax | $ 7,125 | |||
| Bond payable long term | $ 3,125,000 | $ 2,587,195 | ||
| Capital Stock Common Stock | $ 1,000,000 | $ 1,729,720 | ||
| Retain Earnings (unappropriated) | $ - | $ (25,770) | ||
| Total | $ 4,125,000 | $ 4,125,000 | $ 5,779,690 | $ 5,779,690 |
Complete the Schedule L based on the provided information and be sure both sides balance.
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