Question

Presented below is the trial balance of Shield Corporation at December 31, 2017. Debit Credit Cash...

Presented below is the trial balance of Shield Corporation at December 31, 2017.

Debit

Credit

Cash

$   200,230

Sales

$ 8,104,580

Debt Investments (trading) (cost, $145,000)

157,580

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

302,230

Equity Investments (long-term)

280,230

Notes Payable (short-term)

94,580

Accounts Payable

459,580

Selling Expenses

2,004,580

Investment Revenue

67,550

Land

264,580

Buildings

1,043,230

Dividends Payable

139,230

Accrued Liabilities

100,580

Accounts Receivable

439,580

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

29,580

Administrative Expenses

904,550

Interest Expense

215,550

Inventory

600,230

Gain (extraordinary)

84,550

Notes Payable (long-term)

903,230

Equipment

604,580

Bonds Payable

1,003,230

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,004,580

Treasury Stock

195,580

Patents

195,000

Retained Earnings

81,230

Paid-in Capital in Excess of Par

83,230
        Totals

$12,367,730

$12,367,730


Prepare a balance sheet at December 31, 2017, for Shield Corporation. (Ignore income taxes).

Business   Accounting   
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Homework Answers

Answer #1

Asset

fixed assets

land    264,580

building 1,043,230

less depreciation 152,000 891230

Equipment    604,580

less depreciation 60,000 544580

Accounts receivable   439,580

inventory   600,230

franchise 160,000

Treasury stock   195,580

Patents 195,000

Debt investments   157,580

cash 200,230

Liability

common stock    1,004,580

paid in capital   83,230

retained earning   81,230

bonds payable      1,003,230

notes payable 903,230

allowance for doubtful debts 29,580

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