(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020....

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Question

Accounting

(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.

Debit

Credit

Cash

295,000

Sales Revenue

$12,150,000

Debt Investments (trading) (at cost, $218,000)

230,000

Cost of Goods Sold

7,200,000

Debt Investments (long-term)

448,000

Equity Investments (long-term)

416,000

Notes Payable (short-term)

135,000

Accounts Payable

682,000

Selling Expenses

3,000,000

Investment Revenue

95,000

Land

390,000

Buildings

1,560,000

Dividends Payable

204,000

Accrued Liabilities

144,000

Accounts Receivable

652,000

Accumulated DepreciationBuildings

228,000

Allowance for Doubtful Accounts

38,000

Administrative Expenses

1,350,000

Interest Expense

317,000

Inventory

895,000

Gain

120,000

Notes Payable (long-term)

1,350,000

Equipment

900,000

Bonds Payable

1,500,000

Accumulated DepreciationEquipment

90,000

Franchises

240,000

Common Stock ($5 par)

1,500,000

Treasury Stock

287,000

Patents

293,000

Retained Earnings

117,000

Paid-in Capital in Excess of Par

120,000

Totals

$18,473,000

$18,473,000

Instructions

Compute each of the following:

1. Total current assets

2. Total property, plant, and equipment

3. Total assets

4. Total liabilities

5. Total stockholders equity

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