The following data, presented in alphabetical order, are taken from the records of Texton Corporation. Accounts payable...........

Question:

The following data, presented in alphabetical order, are taken from the records of Texton 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
Bond investments........... 400,000
Bonds payable (10%, due 2023).... 350,000
Buildings.............. 900,000
Cash................ 63,000
Common stock ($5 par value; 500,000 shares
authorized, 240,000 shares issued).... 1,200,000
Discount on bonds payable....... 20,000
Dividends payable......... 50,000
Equipment............ 275,000
Goodwill.............. 190,000
Income taxes payable......... 70,000
Investment in Jansen Inc. stock (30% ownership),
at equity.............. 240,000
Land.............. 410,000
Inventory............. 170,000
Notes payable (due 2013)........... 70,000
Paid-in capital in excess of par value.. 464,000
Prepaid insurance......... 16,000
Retained earnings......... 310,000
Short-term stock investment, at fair value 128,000
Instructions
Prepare a at December 31, 2012.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...