Presented below is the trial balance of Splish Corporation atDecember 31, 2017.DebitCreditCash...Presented below is...

Free

90.2K

Verified Solution

Question

Accounting

Presented below is the trial balance of Splish Corporation atDecember 31, 2017.
Debit
Credit
Cash
$ 200,230
Sales
$ 8,104,580
Debt Investments (trading) (cost, $145,000)
157,580
Cost of Goods Sold
4,800,000
Debt Investments (long-term)
302,230
Equity Investments (long-term)
280,230
Notes Payable (short-term)
94,580
Accounts Payable
459,580
Selling Expenses
2,004,580
Investment Revenue
67,550
Land
264,580
Buildings
1,043,230
Dividends Payable
139,230
Accrued Liabilities
100,580
Accounts Receivable
439,580
Accumulated Depreciation-Buildings
152,000
Allowance for Doubtful Accounts
29,580
Administrative Expenses
904,550
Interest Expense
215,550
Inventory
600,230
Gain (extraordinary)
84,550
Notes Payable (long-term)
903,230
Equipment
604,580
Bonds Payable
1,003,230
Accumulated Depreciation-Equipment
60,000
Franchises
160,000
Common Stock ($5 par)
1,004,580
Treasury Stock
195,580
Patents
195,000
Retained Earnings
81,230
Paid-in Capital in Excess of Par
83,230
Totals
$12,367,730
$12,367,730

Prepare a balance sheet at December 31, 2017, for SplishCorporation. (Ignore income taxes).

Answer & Explanation Solved by verified expert

4.1 Ratings (505 Votes)

Balance Sheet
For the year Ended December 31, 2017
Assets
Current Assets
Cash	$200,230
Debt Investments (trading)	$157,580
Accounts Receivable	$439,580
Less: Allowance for doubtful accounts	-$29,580
Inventory	$600,230

Total Current Assets		$1,368,040

Long-term investments
Debt Investments (long-term)	$302,230
Equity Investments (long-term)	$280,230	$582,460

Property, plant, and equipment
Land	$264,580
Building	$1,043,230
Acc. Depreciation - Building	-$152,000
Equipment	$604,580
Acc. Depreciation - Equipment	-$60,000
Total Property, plant, and equipment		$1,700,390

Intangible Assets
Patents	$195,000
Franchises	$160,000
Total Intangible Assets		$355,000
Total Assets		$4,005,890

Liabilities and Stockholders’ Equity
Current Libilities
Accounts Payable	$459,580
Notes Payable (short-term)	$94,580
Dividend payable	$139,230
Accrued Liabilities	$100,580
Total Current Liabilities	$793,970

Non -Current Libilities
Bonds payable	$1,003,230
Notes Payable (long-term)	$903,230
Total Non -Current Libilities	$1,906,460
Total Liabilities		$2,700,430

Stockholders’ equity
Common Stock ($5 par)	$1,004,580
Paid-in Capital in Excess of Par	$83,230
Total Paid in capital	$1,087,810
Retained earnings	$413,230
	$1,501,040
Less: Treasury Stock	$195,580
Total stockholders’ equity		$1,305,460
Total Liabilities and Owner's Equity		$4,005,890


Working
Retained earnings = $81,230 + $332,000 (net Income)

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingPresented below is the trial balance of Splish Corporation atDecember 31, 2017.DebitCreditCash...Presented below is the trial balance of Splish Corporation atDecember 31, 2017.DebitCreditCash$ 200,230Sales$ 8,104,580Debt Investments (trading) (cost, $145,000)157,580Cost of Goods Sold4,800,000Debt Investments (long-term)302,230Equity Investments (long-term)280,230Notes Payable (short-term)94,580Accounts Payable459,580Selling Expenses2,004,580Investment Revenue67,550Land264,580Buildings1,043,230Dividends Payable139,230Accrued Liabilities100,580Accounts Receivable439,580Accumulated Depreciation-Buildings152,000Allowance for Doubtful Accounts29,580Administrative Expenses904,550Interest Expense215,550Inventory600,230Gain (extraordinary)84,550Notes Payable (long-term)903,230Equipment604,580Bonds Payable1,003,230Accumulated Depreciation-Equipment60,000Franchises160,000Common Stock ($5 par)1,004,580Treasury Stock195,580Patents195,000Retained Earnings81,230Paid-in Capital in Excess of Par83,230 Totals$12,367,730$12,367,730Prepare a balance sheet at December 31, 2017, for SplishCorporation. (Ignore income taxes).

	Debit	Credit
Cash	$ 200,230
Sales		$ 8,104,580
Debt Investments (trading) (cost, $145,000)	157,580
Cost of Goods Sold	4,800,000
Debt Investments (long-term)	302,230
Equity Investments (long-term)	280,230
Notes Payable (short-term)		94,580
Accounts Payable		459,580
Selling Expenses	2,004,580
Investment Revenue		67,550
Land	264,580
Buildings	1,043,230
Dividends Payable		139,230
Accrued Liabilities		100,580
Accounts Receivable	439,580
Accumulated Depreciation-Buildings		152,000
Allowance for Doubtful Accounts		29,580
Administrative Expenses	904,550
Interest Expense	215,550
Inventory	600,230
Gain (extraordinary)		84,550
Notes Payable (long-term)		903,230
Equipment	604,580
Bonds Payable		1,003,230
Accumulated Depreciation-Equipment		60,000
Franchises	160,000
Common Stock ($5 par)		1,004,580
Treasury Stock	195,580
Patents	195,000
Retained Earnings		81,230
Paid-in Capital in Excess of Par		83,230
Totals	$12,367,730	$12,367,730