Question
The following trial balance as of 12/31/2016 has been prepared by an inexperienced bookkeeper. All accounts have normal (debit/credit) dollar balances. Equipment 60,000 Goodwill 500,000
The following trial balance as of 12/31/2016 has been prepared by an inexperienced bookkeeper. All accounts have normal (debit/credit) dollar balances.
Equipment | 60,000 | |
Goodwill | 500,000 | |
Interest Expense | 2,400 | |
Interest Payable | 600 | |
Retained Earnings (as of 1/1/2016) | 100,000 | |
Patents | 10,000 | |
Dividends | 40,400 | |
Land | 137,320 | |
Accounts Receivable | 102,000 | |
Bonds Payable | 78,000 | |
Notes Payable (due in 6 years) | 29,400 | |
Common Stock | 470,000 | |
Accumulated Depreciation - Equipment | 10,000 | |
Prepaid Advertising | 5,000 | |
Service Revenue | 341,400 | |
Buildings | 80,400 | |
Supplies | 1,860 | |
Income Taxes Payable | 3,000 | |
Utilities Expense | 1,320 | |
Advertising Expense | 1,560 | |
Salaries and Wages Expense | 53,040 | |
Salaries and Wages Payable | 900 | |
Accumulated Depreciation - Building | 15,000 | |
Cash | 45,000 | |
Depreciation Expense | 8,000 |
The bookkeeper needs your help to calculate the following balances for this company as of December 31, 2016.
1. Total current assets
2. Total property, plant and equipment, net of depreciation
3. Total intangible assets
4. Total assets
5. Total current liabilities
6. Total long-term liabilities
7. Total retained earnings as of 12/31/2016
8. Total stockholders' equity
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