Question
The trial balance of Novak Ltd. at December 31, 2020, follows: Debits Credits Cash $295,000 Sales revenue $10,299,000 FV-NI investments (at fair value) 323,000 Cost
The trial balance of Novak Ltd. at December 31, 2020, follows:
Debits | Credits | |||||
---|---|---|---|---|---|---|
Cash | $295,000 | |||||
Sales revenue | $10,299,000 | |||||
FV-NI investments (at fair value) | 323,000 | |||||
Cost of goods sold | 6,400,000 | |||||
Bond investment at amortized cost | 429,000 | |||||
FVOCI investments (fair value $445,000) | 378,000 | |||||
Notes payable (due in six months) | 99,000 | |||||
Accounts payable | 805,000 | |||||
Selling expenses | 2,460,000 | |||||
Investment income or loss* | 11,000 | |||||
Land | 320,000 | |||||
Buildings | 2,940,000 | |||||
Dividends payable | 56,000 | |||||
Income tax payable | 106,000 | |||||
Accounts receivable | 705,000 | |||||
Accumulated depreciationbuildings | 232,000 | |||||
Allowance for doubtful accounts | 37,000 | |||||
Administrative expenses | 930,000 | |||||
Interest expense | 251,000 | |||||
Inventory | 767,000 | |||||
Gain on disposal of land | 60,000 | |||||
Dividends | 50,000 | |||||
Notes payable (due in five years) | 930,000 | |||||
Equipment | 770,000 | |||||
Bonds payable (due in three years) | 3,000,000 | |||||
Accumulated depreciationequipment | 61,000 | |||||
Intangible assetsfranchises (net) | 250,000 | |||||
Common shares | 969,000 | |||||
Intangible assetspatents (net) | 225,000 | |||||
Retained earnings | 731,000 | |||||
Accumulated other comprehensive income | 97,000 | |||||
Totals | $17,493,000 | $17,493,000 |
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