Question

The account balances taken from the general ledger for Edwards, Inc., are as follows:
Accounts Payable .................... $ 345,046
Accounts Receivable .................. 497,036
Accumulated Depreciation—Building ........... 190,945
Accumulated Depreciation—Equipment .......... 104,650
Allowance for Doubtful Accounts ............. 17,260
Building ........................ 367,000
Cash .............................. 63,545
Common Stock, $ 15 stated value .................... 550,800
Dividends Payable ........................................... 25,092
Equipment ........................................................ 223,075
Income Tax Payable .................................................... 63,036
Land ............................................................................ 76,500
Merchandise Inventory............................................................... 1,048,080
Mortgage Payable (due in 7 years)............................................. 149,000
Notes Receivable ...................................................................... 38,560
Paid- in Capital in Excess of Par Value .................................... 6,120
Paid- in Capital in Excess of Stated Value ......... 132,160
Patents....................................................................................... 25,000
Preferred 8 Percent Stock, $ 100 par value.......... 232,000
Preferred 8 Percent Stock Subscribed (735 shares) ..... 73,500
Prepaid Insurance ..................................................................... 2,938
Retained Earnings..................................................................... 326,500
Retained Earnings Appropriated for Inventory Losses ... 25,700
Retained Earnings Appropriated for Property Expansion... 49,000
Stock Dividend Distributable (3,395 shares)....... 50,925

Additional information is as follows:
a. Preferred 8 percent stock: 3,000 shares authorized, 2,320 shares issued
b. Common stock: 40,000 shares authorized, 36,720 shares issued

Required
Prepare a classified balance sheet dated December 31.



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  • CreatedOctober 21, 2014
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