List of Accounts

• Accounts Payable
• Accounts Receivable
• Accrued Liabilities
• Accumulated Depreciation-Buildings
• Accumulated Depreciation-Equipment
• Advances to Employees
• Allowance for Doubtful Accounts
• Bonds Payable
• Bond Sinking Fund
• Buildings
• Cash
• Cash Surrender Value of Life Insurance
• Common Stock
• Construction in Process
• Copyrights
• Debt Investments
• Dividends Payable
• Discount on Bonds Payable
• Equipment
• Equity Investments
• Finished Goods
• Franchises
• Goodwill
• Income Tax Payable
• Income Tax Receivable
• Interest Payable
• Interest Receivable
• Inventory
• Investments in Common Stock
• Investments in Stocks and Bonds
• Land
• Land Held for Future Use
• Notes Payable
• Notes Receivable
• Noncontrolling Interest
• Paid-in Capital in Excess of Par - Common Stock
• Paid-in Capital in Excess of Par - Preferred Stock
• Patents
• Payroll Tax Expense
• Payroll Taxes Payable
• Pension Liability
• Pension Obligation
• Plant Assets
• Premium on Bonds Payable
• Preferred Stock
• Preferred Stock Investments
• Prepaid Advertising
• Prepaid Insurance
• Prepaid Expenses
• Prepaid Rent
• Raw Materials
• Receivables-Officers
• Rent Payable
• Restricted Cash
• Retained Earnings
• Salaries and Wages Payable
• Supplies
• Timberland
• Treasury Stock
• Trademarks
• Trading Securities
• Unearned Service Revenue
• Unearned Rent Revenue
• Unearned Subscriptions Revenue
• Withholding Taxes Payable
• Work-in-Process

The adjusted trial balance of Swifty Company and other related information for the year 2020 are presented as follows. SWIFTY COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $ 42,950 165,450 Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance $ 9,030 6,230 210,450 340,950 Inventory Equity Investments (long-term) Land Construction in Progress (building) 86,950 125,950 Patents 36,000 Equipment 401,950 240,330 Accumulated Depreciation-Equipment Discount on Bonds Payable Accounts Payable 20,000 149,950 Accrued Liabilities 51,150 95,950 201,950 Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock 501,950 45,000 Retained Earnings 141,570 $1,436,880 $1,436,880 Additional information: 1. 2. 3. 4. The LIFO method of inventory value is used. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time. The land on which the building is being constructed cost $86,950, as shown in the trial balance. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis. Of the discount on bonds payable $2,000 will be amortized in 2021. The notes payable represent bank loans that are secured by long-term investments carried at $121,950. These bank loans are due in 2021. The bonds payable bear interest at 9% payable every December 31, and are due January 1, 2031. 600,000 shares of common stock of a par value of $1 were authorized, of which 501,950 shares were issued and outstanding. 5. 6. 7. . 8. Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) SWIFTY COMPANY Balance Sheet Assets $