A partial list of accounts for Johnson and Clark, in alphabetical order, is presented below:

Accounts Payable

Accounts Receivable

Accrued Salaries Payable

Accumulated Depreciation—Buildings

Accumulated Depreciation—Equipment

Additional Paid-In Capital—Common Stock

Allowance for Doubtful Accounts

Bank Loan (long-term)

Bonds Payable

Buildings

Cash in Bank

Commission Expense

Common Stock

Current Portion of Long-Term Debt

Equipment

FICA Taxes Payable

Franchise

Goodwill

Interest Income

Interest Receivable

Inventory—Ending Balance

Land

Land Held for Future Plant Site

Loss on Sale of Equipment

Marketable Securities

Minority Interest

Notes Payable (long-term)

Obligations on Long-Term Loans

Patent

Preferred Stock

Premium on Bonds Payable

Prepaid Expenses

Purchases

Retained Earnings

Sales

Sales Salaries Expense

Treasury Stock

Unearned Rent Revenue

Required:

Prepare a balance sheet in good format, without monetary amounts, for December 31, 2010. Use the format Current Assets; Property, Plant, and Equipment; Investments; Intangibles; Current Liabilities; Long-Term Liabilities; and Stockholders' Equity. Do not use the accounts not found on the balance sheet.

Answer rating: 100% (QA)

Johnson and Clark Balance Sheet December 31 2010 Assets Current Assets Cash in Bank Marketable Secu... View the full answer