Problem:
Given the following account information from Lamar Corporation's December 31, 2014 adjusted trial balance, answer the following. All accounts have a normal balance.
| AR |
102,000
|
| Accum Dep - bldg |
15,000 |
| Accum Dep - equip |
10,000 |
| Advertising Expense |
1,560
|
| Allowance for doubtful accts |
2,000 |
| bonds payable |
78,000 |
| buildings |
80,400 |
| cash |
45,000 |
| common stock |
70,000 |
| depreciation expense |
8,000 |
| discount on bonds payable |
2,000 |
| dividends |
50,400 |
| equipment |
60,000 |
| income taxes payable |
3,000 |
| interest expense |
2,400 |
| interest payable |
600 |
| investments (trading) |
5,000 |
| investments (long-term) |
5,000 |
| land |
132,320 |
| notes payable (due in 6 months) |
27,400 |
| retained earnings |
3,000 |
| salaries and wages expense |
53,040 |
| salaries and wages payable |
900 |
| service revenue |
341,400 |
| supplies |
1,860 |
| treasury stock |
1,000 |
| utilities expense |
1,320 |
Required:
Question 1: Prepare the heading for Lamar's balance sheet
Question 2: What amount of current assets should Lamar report on its December 31, 2014 balance sheet?
Question 3: Prepare the necessary sections for long-term assets for Lamar's December 31, 2014 balance sheet.
Question 4: What is the total amount of assets that Lamar should report on its December 31, 2014 balance sheet?
Question 5: What amount of current liabilities should Lamar report on its December 31, 2014 balance sheet?
Question 6: What amount long-term liabilities should Lamar report on its December 31, 2014 balance sheet?
Question 7: Prepare the stockholders' equity section for Lamar's December 31, 2014 balance sheet.
Note: Be sure to show how you arrived at your answer.