Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. Account Title Debits Credits Cash 105,000 Investments 274,000 Accounts receivable

The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises.
Account Title Debits Credits
Cash 105,000
Investments 274,000
Accounts receivable 161,000
Inventories 234,000
Loans to employees 59,000
Prepaid expenses (for 2019) 35,000
Rent expense 84,000
Land 299,000
Building 1,740,000
Machinery and equipment 656,000
Trademark 171,000
Copyright 59,000
Bad debt expense 6,200
Depreciation expense 98,750
Dividends 40,000
Note receivable 345,000
Interest receivable 31,000
Cost of goods sold 242,000
Accumulated depreciationbuilding 639,000
Accumulated depreciationequipment 229,000
Accounts payable 208,000
Dividends payable (payable on 1/30/19) 29,000
Interest payable 35,000
Interest revenue 42,000
Taxes payable 59,000
Accumulated other comprehensive income 125,000
Deferred revenue 79,000
Notes payable 338,000
Allowance for uncollectible accounts 27,000
Common stock 2,076,000
Retained earnings 168,950
Sales revenue 585,000
Totals 4,639,950 4,639,950
Additional Information:
1. The common stock represents 500,000 shares of no par stock authorized, 400,000 shares issued and outstanding.
2. The loans to employees are due on February 14, 2020.
3. The note receivable is due in installments of $86,250, payable on each June 30. Interest is payable annually.

4. Investments consist of $35,000 in treasury bills purchased on November 15 of the current year that mature on January 10, 2019, $45,000 in marketable equity securities the company intends to sell in the next year, with the remaining being marketable equity securities that the company does not plan to sell in the next year.

Do the balance sheet

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

Corporate Finance Text And Cases

Authors: Vishwanath S. R.

3rd Edition

9353282896, 978-9353282899

More Books

Students also viewed these Accounting questions

Question

What is the purpose of the notes to the financial statements?

Answered: 1 week ago

Question

10. What is meant by a feed rate?

Answered: 1 week ago

Question

Summarize life insurance and disability insurance.

Answered: 1 week ago

Question

Discuss voluntary benefits.

Answered: 1 week ago

Question

Identify employee service benefits.

Answered: 1 week ago