Question - Preparation of a Balance Sheet
Presented below is the trial balance of Vivaldi Corporation at
December 31, 2010.
Debits Credits
Cash $ 1 97,000
Sales $ 7,900,000
Trading Securities (at cost, $145,000) 1 53,000
Cost of Goods Sold 4,800,000
Long-term Investments in Bonds 299,000
Long-term Investments in Stocks 277,000
Short-term Notes Payable 90,000
Accounts Payable 455,000
Selling Expenses 2,000,000
Investment Revenue 63,000
Land 260,000
Buildings 1,040,000
Dividends Payable 136,000
Accrued Liabilities 96,000
Accounts Receivable 435,000
Accumulated Depreciation-Buildings 352,000
Allowance for Doubtful Accounts 25,000
Administrative Expenses 900,000
Interest Expense 211 ,000
Inventories 597,000
Extraordinary Gain 80,000
Long-term Notes Payable 900,000
Equipment 600,000
Bonds Payable 1 ,000,000
Accumulated Depreciation-Equipment 60,000
Franchise 1 60,000
Common Stock ($5 par) 1 ,000,000
Treasury Stock 1 91 ,000
Patent 1 95,000
Retained Earnings 78,000
Paid-in Capital in Excess of Par 80,000
Totals $1 2,315,000 $12,31 5,000
Instructions - Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes.