Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following balances are from the adjusted trial balance of Pitchfork Corporation as of December 31, 20x1 (before closing). The accounts are listed in alphabetical

image text in transcribedimage text in transcribed The following balances are from the adjusted trial balance of Pitchfork Corporation as of December 31, 20x1 (before closing). The accounts are listed in alphabetical order. Use this information to answer the next (3) questions concerning a Classified Balance Sheet. Account Debit Credit Accounts Payable, trade 6,000 Accounts Receivable 37,000 Accumulated Depreciation- 210,000 Building Accumulated Depreciation-Equip 20,000 Accumulated Other 4,000 Comprehensive Income (Loss) Advances to Suppliers (short term) 4,000 Allowance for Doubtful Accounts 2,000 Bond Payable, due in 2025 98,000 Bond Sinking Fund 35,000 Building 450,000 Cash 20,000 Common Stock 2,000 Deferred Revenue, current 3,000 Dividends 10,000 Dividend Payable 10,000 Equipment 60,000 Equipment-idle and no longer in 25,000 use Franchise 12,000 Interest Payable 4,000 Inventory 95,000 Investment in Subsidiary 22,000 Land 30,000 Mortgage Payable (long-term) 54,000 Paid in Capital in Excess of Par 198,000 Common Stock Paid in Capital in Excess of Par- Preferred Stock 88,000 Preferred Stock 8,000 Prepaid Expenses (short-term) 1,000 Rent Receivable (short-term) 2.000 Retained Earnings, January 1 56,000 Short-term Investments 40,000 "Pitchfork's Net Income for the current year was $88,000 Using the above information, determine Total Current Assets: $Blank 1] when recording your answer do not usessions or commas Using the information in #6 above, determine Total Investments: $[Blank_2] Using the information in #6 above, determine Net Property, Plant and Equipment: $[Blank_3] Using the information in #6 above, determine Total Stockholder's Equity, after closing: $[Blank_4]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Survey of Accounting

Authors: Carl S. Warren

8th edition

1305961889, 978-1337517386, 1337517380, 978-1305961883

More Books

Students also viewed these Accounting questions

Question

calculate and explain the meaning of expected values; LO1

Answered: 1 week ago