E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2012
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Debits
|
Credits
|
|
Cash
|
$ 197,000
|
|
|
Sales
|
|
$ 7,900,000
|
|
Debt Investments (trading) (cost, $145,000)
|
153,000
|
|
|
Cost of Goods Sold
|
4,800,000
|
|
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Debt Investments (long-term)
|
299,000
|
|
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Equity Investments (long-term)
|
277,000
|
|
|
Notes Payable (short-term)
|
|
90,000
|
|
Accounts Payable
|
|
455,000
|
|
Selling Expenses
|
2,000,000
|
|
|
Investment Revenue
|
|
63,000
|
|
Land
|
260,000
|
|
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Buildings
|
1,040,000
|
|
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Dividends Payable
|
|
136,000
|
|
Accrued Liabilities
|
|
96,000
|
|
Accounts Receivable
|
435,000
|
|
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Accumulated Depreciation-Buildings
|
|
352,000
|
|
Allowance for Doubtful Accounts
|
|
25,000
|
|
Administrative Expenses
|
900,000
|
|
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Interest Expense
|
211,000
|
|
|
Inventory
|
597,000
|
|
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Extraordinary Gain
|
|
80,000
|
|
Notes Payable (long-term)
|
|
900,000
|
|
Equipment
|
600,000
|
|
|
Bonds Payable
|
|
1,000,000
|
|
Accumulated Depreciation-Equipment
|
|
60,000
|
|
Franchises
|
160,000
|
|
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Common Stock ($5 par)
|
|
1,000,000
|
|
Treasury Stock
|
191,000
|
|
|
Patents
|
195,000
|
|
|
Retained Earnings
|
|
78,000
|
|
Paid-in Capital in Excess of Par
|
|
80,000
|
|
Totals
|
$12,315,000
|
$12,315,000
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Instructions
Prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes.