Presented below is the trial balance of Scott Butler Corporation at December 31,
ID: 2423408 • Letter: P
Question
Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.
Debit
Credit
Cash
$ 201,180
Sales
$ 8,102,240
Debt Investments (trading) (cost, $145,000)
155,240
Cost of Goods Sold
4,802,240
Debt Investments (long-term)
303,180
Equity Investments (long-term)
281,180
Notes Payable (short-term)
92,240
Accounts Payable
457,240
Selling Expenses
2,002,240
Investment Revenue
64,590
Land
260,000
Buildings
1,044,180
Dividends Payable
140,180
Accrued Liabilities
98,240
Accounts Receivable
437,240
Accumulated Depreciation-Buildings
152,000
Allowance for Doubtful Accounts
27,240
Administrative Expenses
901,590
Interest Expense
212,590
Inventory
601,180
Gain (extraordinary)
81,590
Notes Payable (long-term)
904,180
Equipment
602,240
Bonds Payable
1,004,180
Accumulated Depreciation-Equipment
60,000
Franchises
160,000
Common Stock ($5 par)
1,002,240
Treasury Stock
193,240
Patents
195,000
Retained Earnings
82,180
Paid-in Capital in Excess of Par
84,180
$12,352,520
$12,352,520
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
Scott Butler Corporation
Balance Sheet
December 31, 2014
Assets
Liabilities and Stockholders' Equity
Debit
Credit
Cash
$ 201,180
Sales
$ 8,102,240
Debt Investments (trading) (cost, $145,000)
155,240
Cost of Goods Sold
4,802,240
Debt Investments (long-term)
303,180
Equity Investments (long-term)
281,180
Notes Payable (short-term)
92,240
Accounts Payable
457,240
Selling Expenses
2,002,240
Investment Revenue
64,590
Land
260,000
Buildings
1,044,180
Dividends Payable
140,180
Accrued Liabilities
98,240
Accounts Receivable
437,240
Accumulated Depreciation-Buildings
152,000
Allowance for Doubtful Accounts
27,240
Administrative Expenses
901,590
Interest Expense
212,590
Inventory
601,180
Gain (extraordinary)
81,590
Notes Payable (long-term)
904,180
Equipment
602,240
Bonds Payable
1,004,180
Accumulated Depreciation-Equipment
60,000
Franchises
160,000
Common Stock ($5 par)
1,002,240
Treasury Stock
193,240
Patents
195,000
Retained Earnings
82,180
Paid-in Capital in Excess of Par
84,180
Totals$12,352,520
$12,352,520
Explanation / Answer
Liabilites Assets Current liabilities Current Assets Notes payable 92240 Cash 201180 Accounts payable 457240 Short-term investments 155240 Accrued Liabilities 98240 Accounts receivable 410000 Dividends Payable 140180 Inventories 601180 Total 787900 Total 1367600 Long-term liabilities Long-term investments Bonds payable 1004180 Debt Investments (long-term) 303180 Notes payable 904180 Equity Investments (long-term) 281180 Total liabilities 1908360 Property, plant, and equipment Stockholders' equity Land 260000 Common stock 1002240 Buildings 1044180 Less:treasury stock -193240 Less: Accumulated depreciation -152000 892180 Retained earnings 411940 Equipment 602240 Paid-in Capital in Excess of Par 84180 Less: Accumulated depreciation -60000 542240 Total stockholders' equity 1305120 Intangible assets Franchises 160000 Patents 195000 Total 4001380 4001380