The following data presented in alphabetical order are taken from
The following data, presented in alphabetical order, are taken from the records of
Wellman Corporation.
Accounts payable.........................$ 150,000
Accounts receivable..........................90,000
Accumulated depreciation—buildings................180,000
Accumulated depreciation—equipment................52,000
Allowance for doubtful accounts...................6,000
Bonds payable (10%, due 2025)...................350, 000
Buildings............................900, 000
Cash................................63,000
Common stock ($5 par value; 500,000 shares
Authorized, 240,000 shares issued)................$1,200,000
Debt investments.........................400, 000
Discount on bonds payable.....................20,000
Dividends payable.........................50, 000
Equipment...........................275,000
Goodwill............................190, 000
Income taxes payable..........................70,000
Inventory...........................170,000
Land................................410,000
Notes payable (due 2015)......................70,000
Paid-in capital in excess of par value.................464, 000
Prepaid insurance.........................16, 000
Retained earnings........................310,000
Stock investments (Lawton Inc. stock, 30% ownership,
at equity)...........................240,000
Stock investments (short-term, at fair value)...............128,000
Instructions
Prepare a balance sheet at December 31, 2014

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