Problem
Presented below is the adjusted trial balance of Bing Corporation at December 31, 2016.
|
|
Debit
|
Credit
|
|
Cash
|
$ 98,500
|
|
|
Sales
|
|
4,250,000
|
|
Trading securities (at cost $145,000)
|
150,000
|
|
|
Unrealized gain on trading securities
|
|
5,000
|
|
Cost of goods sold
|
2,600,000
|
|
|
Long-term imestmenz in bonds
|
149,500
|
|
|
Long-term im e,tmenz in stocks
|
138,500
|
|
|
Short-term notes payable
|
|
43,000
|
|
Account payable
|
|
227,500
|
|
Selling expenses
|
1,000,000
|
|
|
Investment revenue
|
|
31,500
|
|
Land
|
130,000
|
|
|
Buildings
|
520,000
|
|
|
Dividends payable
|
|
68,000
|
|
Accrued liabilities
|
|
48,000
|
|
Account receivable
|
217,500
|
|
|
Accumulated depreciation--buildings
|
|
76,000
|
|
Allowance for doubtful account
|
|
12,500
|
|
Administrative expenses
|
450,000
|
|
|
Interest expense
|
105,500
|
|
|
Inventories
|
298,500
|
|
|
Extraordinary gain
|
|
40,000
|
|
Prior-period adjustnent-depreciation error
|
70,000
|
|
|
Long-teen nom, payable
|
|
450,000
|
|
Equipment
|
300,000
|
|
|
Bonds payable
|
|
500,000
|
|
Accumulated depreciation--equipment
|
|
30,000
|
|
Franchise (net of $80,000 of amortization
|
80,000
|
|
|
Common stock ($5 par)
|
|
500,000
|
|
Treasury stock
|
95,500
|
|
|
Patent (net of $30,000 amortization)
|
97,500
|
|
|
Retained earnings
|
|
177,500
|
|
Additional paid-in capital
|
|
40,000
|
|
|
$6,501,000
|
$6,501,000
|
Instructions: Prepare a balance sheet in proper form for Bing Corporation as of December 31,2016. Ignore income taxes.