Using the following information, The exact of date of balance sheet preparation is Dec 31st 2022 Do no include dollar signs $ in your answers Post closing trial balance Account Debits Credits Cash 25000 Accounts Receivable 40000 Allowance for Doubtful Accounts 4000 Inventory 80000 Investments 40000 Notes Receivable 30000 Land 250000 Buildings 200000 Equipment 100000 Accumulated Depreciation (PPE) 50000 Trademark 30000 Patents 20000 License 5000 Prepaid rent 20000 Accounts payable 50000 Notes payable 180000 Salaries payable 79000 Taxes payable 32000 Interest payable 25000 Common Stock 300000 Retained earnings 100000 Accumulated OCI 20000 840000 840000 Notes Investments consists of A $2,000 municipal bond issued on Nov 1st 2022 with a maturity date 90 days from date of issue $20,000 in various bonds that the firm intends to hold until maturity $15,000 worth of bonds mature December 31st 2027 $5,000 worth of bonds mature December 31st 2023 The remainder consists of stocks and bonds intended for sale within the next 12 months current Notes receivable includes $10,000 due June 1st 2023 current $20,000 due June 1st 2024 non current Accounts receivable includes a $10,000 long term note from a customer due Dec 31st 2023 This note was left out of the reported Note receivables Land account includes a $50,000 piece of land that the firm does not intend to use in its operations The firm does not have plans to sell this land in the next 12 months Notes payable include $30,000 is a note due in Feb 1st 2023 $50,000 is a note due March 31st 2027 $100,000 is a note with 5 annual principal payments of 20,000 each First principal payment is due June 1st 2023 20,000 current maturity, remainder Prepaid rent is broken down as $12,000 rent for the year of 2023 Remainder for 2024 Common stock consists of 100,000 shares outstanding of no par value stock issued at $3, 500,000 shares authorized PIC 100,000 $3 Balance Sheet, Dec 31st 2021 Assets Cash and cash equivalents Investments Held to maturity securities Notes receivable Total Current Investments Less Inventory 80000 Prepaid rent Non current Assets Investments Held to maturity securities Notes receivable Total non current investments PPE Land Buildings 200000 Equipment 100000 Less Accumulated Depreciation (PPE) 50000 Net PPE Intangible Assets Trademark 30000 Patents 20000 Licenses 5000 Total Intangible Assets 55000 Other Assets Total Non current Assets Liabilities Current Liabilities Accounts payable 50000 Salaries payable 79000 Taxes payable 32000 Interest payable 25000 Notes payable Total Current Liabilities 236000 Non current Liabilities Total Liabilities Stockholders' Equity Common stock Retained earnings 100000 Total Stockholders' Equity Total Liabilities and Stockholders' Equity

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Posted on Sep 06, 2024

Using the following information, The exact of date of balance sheet preparation is Dec 31st 2022. Do no include dollar signs $ in your answers.

Post-closing trial balance:

Account	Debits	Credits
Cash	25000
Accounts Receivable	40000
Allowance for Doubtful Accounts		4000
Inventory	80000
Investments	40000
Notes Receivable	30000
Land	250000
Buildings	200000
Equipment	100000
Accumulated Depreciation (PPE)_		50000
Trademark	30000
Patents	20000
License	5000
Prepaid rent	20000

Accounts payable		50000
Notes payable		180000
Salaries payable		79000
Taxes payable		32000
Interest payable		25000
Common Stock		300000
Retained earnings		100000
Accumulated OCI		20000
	840000	840000

Notes:

Investments consists of:
1. A $2,000 municipal bond issued on Nov 1st 2022 with a maturity date 90 days from date of issue.
2. $20,000 in various bonds that the firm intends to hold until maturity.
  - $15,000 worth of bonds mature December 31st 2027
  - $5,000 worth of bonds mature December 31st 2023
3. The remainder consists of stocks and bonds intended for sale within the next 12 months current
Notes receivable includes:
1. $10,000 due June 1st 2023 current
2. $20,000 due June 1st 2024 non-current
Accounts receivable includes a $10,000 long term note from a customer due Dec 31st- 2023. This note was left out of the reported Note receivables.
Land account includes a $50,000 piece of land that the firm does not intend to use in its operations. The firm does not have plans to sell this land in the next 12 months.
Notes payable include:
1. $30,000 is a note due in Feb 1st 2023
2. $50,000 is a note due March 31st 2027
3. $100,000 is a note with 5 annual principal payments of 20,000 each. First principal payment is due June 1st 2023 20,000 current maturity, remainder
Prepaid rent is broken down as:
1. $12,000 rent for the year of 2023
2. Remainder for 2024
Common stock consists of:
1. 100,000 shares outstanding of no-par-value stock issued at $3, 500,000 shares authorized PIC = 100,000 * $3.

Balance Sheet, Dec 31st 2021

Assets

Cash and cash equivalents
Investments

Held to maturity securities
Notes receivable
Total Current Investments

Less:

Inventory		80000
Prepaid rent



Non-current Assets
Investments
Held to maturity securities

Notes receivable
Total non-current investments
PPE
Land
Buildings	200000
Equipment	100000
Less: Accumulated Depreciation (PPE)	-50000
Net PPE
Intangible Assets
Trademark	30000
Patents	20000
Licenses	5000
Total Intangible Assets		55000

Other Assets


Total Non-current Assets



Liabilities
Current Liabilities
Accounts payable		50000
Salaries payable		79000
Taxes payable		32000
Interest payable		25000
Notes payable

Total Current Liabilities		236000

Non-current Liabilities


Total Liabilities

Stockholders' Equity
Common stock
Retained earnings		100000

Total Stockholders' Equity

Total Liabilities and Stockholders' Equity