The following information is taken from the adjusted trial balance for Hightower Corporation at December 31, 2021.
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Question:
Account Debit CreditAccounts Payable .................................................................... 682,000
Accounts Receivable ............................................................................................... 652,000
Accrued Liabilities .................................................................... 144,000
Allowance for Doubtful Accounts ................................................ 38,000
Bonds Payable (mature in 5 years) ....................................... 1,500,000
Cash .......................................................................................... 295,000
Common Stock ....................................................................... 2,500,000
Dividends Payable ..................................................................... 204,000
Franchises ................................................................................. 240,000
Gain on sale of land ................................................................... 120,000
Inventory ...................................................................................... 895,00
0Investment Revenue .................................................................. 95,000
Investments (short-term) ............................................................ 230,000
Notes Payable (long-term) ...................................................... 1,350,000
Premium on Bonds Payable ......................................................... 50,000
Paid-in Capital in Excess of Par ................................................. 120,000
Required:
a. Prepare the Current Assets section of Hightower’s December 31, 2021 Balance Sheet.
b. Prepare the Current Liabilities section of Hightower’s December 31, 2021 Balance Sheet.
c. Prepare the Long-term Liabilities section of Hightower’s December 31, 2021 Balance Sheet.
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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