Preparation of Balance Sheet Conlon Corporation's December 31 post-closing trial balance contains the following normal account balances: Cash $2,200 Accounts...

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Accounting

Preparation of Balance Sheet
Conlon Corporation's December 31 post-closing trial balancecontains the following normal account balances:
Cash $2,200
Accounts payable 14,300
Building 308,000
Long-term notes payable 1,045,000
Common stock 440,000
Retained earnings 388,300
Accumulated depreciation-Equipment 143,000
Land 1,240,800
Accounts receivable 23,100
Accumulated depreciation-Building 77,000
Interest payable 26,400
Patent (net of amortization) 55,000
Notes payable (short term) 88,000
Inventory 150,700
Equipment 292,600
Allowance for doubtful accounts 1,100
Accumulated depreciation-Leasehold improvements 24,200
Leasehold improvements 154,000
Trademark (net of amortization) 20,900
Required
Prepare a December 31 classified balance sheet for ConlonCorporation.
Do not use negative signs with any of youranswers.

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Conlon Corporation

Balance sheet

As on 31st December

Particulars	$	$
Assets
Current assets:
Cash	2,200
Inventory	150,700
Account receivables	23,100
Less allowance for doubtful debt	1,100
Net account receivables	22,000
Total current assets		174,900
Fixed assets:
Equipment	292,600
Less accumulated depreciation	143,000
Net equipment	149,600
Leasehold improvements	154,000
Less accumulated depreciation	24,200
Net leasehold improvements	129,800
Building	308,000
Less accumulated depreciation	77,000
Net building	231,000
Land	1,240,800
Trademark	20,900
Patent	55,000
Total fixed assets		1,827,100
Total assets		2,002,000
Liabilities and shareholder's equity
Current liabilities:
Interest payable	26,400
Account payable	14,300
Notes payable	88,000
Total current liabilities		128,700
Long term liabilities:
Long term note payable		1,045,000
Total liabilities		1,173,700
Shareholder's equity:
Retained earnings	388,300
Common stock	440,000
Total shareholder's equity		828,300
Total liabilities and shareholder's equity		2,002,000

Net value of building is $149,600. $20,900 trademark is a long term asset. $174,900 is total current assets. Canlon net account receivables is $22,000 after deducting $1,100 allowances for doubtful debt. $1,240,800 is the value of land of Conlon.

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Cash	$2,200
Accounts payable	14,300
Building	308,000
Long-term notes payable	1,045,000
Common stock	440,000
Retained earnings	388,300
Accumulated depreciation-Equipment	143,000
Land	1,240,800
Accounts receivable	23,100
Accumulated depreciation-Building	77,000
Interest payable	26,400
Patent (net of amortization)	55,000
Notes payable (short term)	88,000
Inventory	150,700
Equipment	292,600
Allowance for doubtful accounts	1,100
Accumulated depreciation-Leasehold improvements	24,200
Leasehold improvements	154,000
Trademark (net of amortization)	20,900