Solution-Prepare balance sheet for hightower corporation

Prepare balance sheet for hightower corporation

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Reference no: EM131721917

Question - Presented below is the trial balance of Hightower Corporation at December 31, 2017.

	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 Depreciation-Buildings		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 Depreciation-Equipment		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

Instruction: Prepare Balance Sheet for Hightower Corporation at December 31, 2017.

Reference no: EM131721917

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Prepare balance sheet for hightower corporation

Reference no: EM131721917

Reference no: EM131721917

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