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Vivaldi Corporation

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Exercise 5-12 Presented below is the trial balance of Vivaldi Corporation at December 31, 2012.


   Debit   Credit 
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   63,000
Land   260,000
Buildings   1,040,000
Dividends Payable   136,000
Accrued Liabilities   96,000
Accounts Receivable   435,000
Accumulated DepreciationÑBuildings   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's 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 Totals   80,000
       12,315,000  12,315,000

Calculate ending retained earnings and prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes.

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