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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 |
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