o-7A. Preparation of Balance Sheet Dooley the following normal balances: aration

Question

o-7A. Preparation of Balance Sheet Dooley the following normal balances: aration of Balance Sheet Dooley a uses straight-line depreciation and amortization. Company's December 31 post-closing trial balance contains 3 Accounts payable. Building .. $11,000 20,000 439,500 . 785,000 900,000 Retained earnings Accumulated depreciation- Equipment . Land . . .. Accounts receivable. Accumulated depreciation- Building. 75,000 180,000 834,500 22,500 135,000 6,000 . 120,000 Patent (net of amortization) .. . 206,000 600,000 Equipment . .. 1,500 Required Prepare a December 31 classified balance sheet for Dooley Company.

Explanation / Answer

Dooley Company Balance Sheet as at December 31 Assets: $ $ Curent Assets: Cash        11,000 Accounts Receivable        22,500 Less: Allowance for doubtful Accounts        -1,500        21,000 Inventory    2,06,000 Total current assets    2,38,000 Property, Plant & Equipment Building    4,39,500 Less: Accumulated depreciation -Building -1,35,000    3,04,500 Equipment    6,00,000 Less: Accumulated depreciation - Equipment -1,80,000    4,20,000 Land    8,34,500 Total Property, Plant & Equipment 15,59,000 Intangible Assets: Patent (Net of amortization)    1,20,000 Total Intangible Assets    1,20,000 Total Assets 19,17,000 Liabilities and Equity Liabilities: Current Liabilities: Accounts Payable        20,000 Wages Payable          6,000 Notes Payable (Short term)    1,31,000 Total Current Liabilities    1,57,000 Long-term liabilities: Long-term notes payable    7,85,000 Total Long term Liabilities    7,85,000 Total Liabilities    9,42,000 Shareholders Equity Common Stock    9,00,000 Retained Earnings        75,000 Total Equity    9,75,000 Total Liabilities and equity 19,17,000

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