Problem 119 Accounts Payable Accounts Receivable Accrued Liabilities Accumulated

ID: 2489054 • Letter: P

Question

Problem 119

Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Depreciation-Building
Accumulated Depreciation-Equipment
Advances to Employees
Allowance for Doubtful Accounts
Bonds Payable
Bond Sinking Fund
Buildings
Cash
Cash Surrender Value of Life Insurance
Common Stock
Construction in Process
Copyrights
Debt Investments
Dividends Payable
Discount on Bonds Payable
Equipment
Equity Investments
Finished Goods Inventory
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
Interest Receivable
Inventory
Investments in Common Stock
Investments in Stocks and Bonds
Land
Notes Payable
Notes Receivable
Noncontrolling Interest
Paid-in Capital in Excess of Par - Common Stock
Paid-in Capital in Excess of Par - Preferred Stock
Patents
Payroll Tax Expense
Payroll Taxes Payable
Pension Asset/Liability
Pension Obligation
Plant Assets
Premium on Bonds Payable
Preferred Stock
Prepaid Advertising
Prepaid Insurance
Prepaid Expenses
Prepaid Rent
Raw Materials
Rent Payable
Restricted Cash
Retained Earnings
Salaries and Wages Payable
Supplies
Timberland
Treasury Stock
Trademarks
Unearned Service Revenue
Unearned Rent Revenue
Unearned Subscriptions Revenue
Work-in-Process

Problem 119 Given the following account information for Leong Corporation. 58,600 Equipment 2,570 Interest Expense Interest Payable 550 Retained Earnings Dividends 48,760 135,780 Land Accounts Receivable 100,560 78,860 Bonds Payable Notes Payable (due in 6 months) 28,080 67,820 Common Stock Accumulated Depreciation Equip. 11,730 5,110 Prepaid Advertising 335,450 Service Revenue 78,740 Buildings 1,800 Supplies 3,130 Income Taxes Payable Utilities Expense 1,460 1,590 Advertising Expense Salaries and Wages Expense 54,110 890 Salaries and Wages Payable Accumulated Depr. Bld. 15,030 44,300 Cash 8,160 Depreciation Expense

Explanation / Answer

leong corporation for the year ending dec 31,2014 Balance Sheet

Assets

Cash

44,300

Accounts receivable (net)

1,560

Inventory

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Buildings (net)

78,740

Land

1,35,780

Other assets

48,760

Total assets

3,09,140

Liabilities

Accounts payable

83430

Notes payable

28,080

Total liabilities

111510

Total stockholders’ equity

Common stock

67,820

Paid-in capital

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Retained earnings

1,29810