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Question 4 [40 points) The adjusted trial balances at December 31, 2014, for Gulf Corp....

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Accounting

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Question 4 [40 points) The adjusted trial balances at December 31, 2014, for Gulf Corp. are shown in alphabetical order below. Prepare the classified balance sheet. Gulf Corp. Balance Sheet For the Year Ended December 31, 2014 Current assets Cash Accounts receivable Patents Trademark Boats x x x Account Accounts receivable Accumulated depreciation, boats Allowance for doubtful accounts Boats Cash Cost of goods sold Depreciation expense, boats Income taxes expense Income taxes payable Investment in bonds Long-term investment in shares Merchandise inventory Mortgage payable Patents Rent earned Retained earnings Sales Share capital Trademark Unearned rent Balance 90,500 42,000 500 133,000 38,500 43,000 18,000 19,000 19,000 121,000 135,000 84,500 408,000 73,500 67,000 85,500 41,500 52,000 67,500 108,000

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