(a) Prepare the journal entries to record the reorganization. (b) Prepare a balance sheet after the reorganization....
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(b)Prepare a balance sheet after the reorganization.
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The trial balance of Sussex Inc. as at December 31, Year 6, is as follows: Debit Cash Accounts receivable Allowance for doubtful accounts Inventory Property, plant, and equipment Accumulated depreciation Patents Accounts payable Notes payable (10% interest) Accrued interest on notes 12% bonds payable Common stock (9,000 shares) Retained earnings (deficit) S 45,000 95,000 150,000 540,000 120,000 178,000 $1,128,000 Credit 18,000 210,000 110,000 150,000 40,000 400,000 200,000 $1,128,000 The trial balance of Sussex Inc. as at December 31, Year 6, is as follows: Debit Cash Accounts receivable Allowance for doubtful accounts Inventory Property, plant, and equipment Accumulated depreciation Patents Accounts payable Notes payable (10% interest) Accrued interest on notes 12% bonds payable Common stock (9,000 shares) Retained earnings (deficit) S 45,000 95,000 150,000 540,000 120,000 178,000 $1,128,000 Credit 18,000 210,000 110,000 150,000 40,000 400,000 200,000 $1,128,000
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ANSWER Journal Entries Account Debit Credit Liquidation of Patents Patents Accum Dep Loss on Liqui... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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