Prepare a balance sheet at December 31,2010 for Vivaldi Corporation using the in
ID: 2377805 • Letter: P
Question
Prepare a balance sheet at December 31,2010 for Vivaldi Corporation using the information below. Ignore income taxes.Cash $197,000
Sales $7,900,000
Trading Securities (at cost $145,000) $153,000
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 $63,00
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 $160,000
Common Stock ($5 par) $1,000,000
Treasury Stock $191,000
Patent $195,000
Retained Earnings $78,000
Paid-in Capital in Excess of par $80,000
Totals $12,315,000 credit $12,315,000 debits
Explanation / Answer
Vivaldi Corporation Balance Sheet December 31, 2010 Assets Current Assets Cash $197,000 Accounts Receivable $435,000 Less: Allowance for Doubtful Accounts $25,000 Inventories $597,000 Franchise $160,000 Trading Securities (at cost $145,000) $153,000; Total Current Assets: 1,517,000 Long-term investments Long-term investments in Bonds $299,000 Long-term investments in stocks $277,000; Total Long-term investments: 576,000 Fixed Assets Land $260,000 Buildings $1,040,000 Less: Accumulated Depreciation-Buildings $352,000 Equipment $600,000 Less: Accumulated Depreciation-Equipment $60,000; Total Fixed Assets: 1,488,000 Intangible Assets Patent $195,000; Total Intangible Assets: 195,000 Total Assets: $3,776,000 Liabilities and Stockholders Equity Liabilities Current Accounts Payable 455,000 Dividends Payable 136,000 Short-term notes payable 90,000 Accrued Liabilities 96,000; Total Current Liabilities 777,000 Long-term Liabilities Long-term notes Payable 900,000 Bonds Payable 1,000,000 (I'm assuming they are long-term, if they are due withing 1 year then they are considered short term or current liabilities); Total Long-term Liabilities: 1,900,000 Total Liabilities: 2,677,000 Stockholders Equity Paid In Capital Capital Stock Common Stock, $5 Par, 200,000 shares $1,000,000 Additional Paid In Capital Paid in excess of par value 80,000 Total Paid In Capital: 1,080,000 Retained Earnings 210,000 (78,000 plus 132,000 net income) Total Paid In Capital and Retained Earnings: 1,290,000 Less: Treasury Stock 191,000 Total Stockholders Equity: 1,099,000 Total Liabilities and Stockholders Equity: $3,776,000 If ya have any questions, RATE me and respond.