Question: Can you please explain me this Problem? Thanks! The trial balance for X Corp. at December 31, 2024, follows: Debit Credit Cash $460,000 Sales Revenue
Can you please explain me this Problem? Thanks!
The trial balance for X Corp. at December 31, 2024, follows:

Debit Credit Cash $460,000 Sales Revenue $8,600,000 FV-NI Investment (at F.V.) 105,000 Unusual Loss 2,890,000 Investment Income Loss 2,000,000 Beginning Inventory 120.000 Purchases 260,000 Bond Investment at Amortized Cost 435,000 Land 310,000 Accumulated Depreciation - Equip. 110,000 Accounts Payable 510,000 Note Payable (Due in 13 months.) 400,000 Equipment 850,000 Accumulated Depreciation - Building 444,000 Accrued Liabilities 123,000 Note Payable (Due in 10 months.) 62,000 Common Shares 1,1 11,000 Building 2,080,000 FV-OCI Investment (F . V. $740,000) 1,900,000 Accounts Receivable 620,000 Accumulated OCI 3,584,500 Allowance for Doubtful Accounts 110,000 Prepaid Insurance 930,000 Intangible Assets - Copyrights 340,000 Bonds Payable 1,400,000 Intangible Assets - Patents 120,000 Retained Earnings 866,000 Selling Expenses 2,700,000 Administrative Expenses 1,000,500 Interest Expense 200,000 $17,320,500 $17,320,500
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
