Hope Lang, a junior accountant, has the December 31, 2012, trial balance of Gregot Company sitting on her desk. Attached is a memo from her supervisor requesting that a classified balance sheet be prepared. Hope gathers the following data:
a. A physical inventory at December 31 showed $70,000 on hand.
b. The cost of office supplies on hand was $600.
c. Insurance unexpired was $750.
d. Amortization (straight-line) is based on a 25-year life.
Using the following trial balance of Gregot Co., assist Hope with this project. Ending figure for capital is $105,850.

Transcribed Image Text:

GREGOT COMPANY TRIAL BALANCE DECEMBER 31, 2012 r. r. Cash Accounts Receivable Inventory, January 1 Prepaid Insurance Office Supplies Land Buildin Accumulated Amortization, Buildin Notes Payable Accounts Payable G. Gregot, Capital G. Gregot, Withdrawals Income Summar Retail Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Transportation-In Advertising Expense 1100000 38000 00 80000 00 200000 100000 17500 00 5000000 10000 00 4000000 3000000 98400 00 1300000 3290000 21000 00 8000 00 21550000 1160000 4000 00 5000 00 250000 5500000 3500 00 age Expense Utilities Expense 52300000 52300000