(TCO D) The following balance sheet
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(TCO D) The following balance sheet was prepared by the bookkeeper for Diamone Company as of December 31, 201x Diamond Company.
Balance Sheet as of December 31, 201X is as follows .
|
Cash |
$90,000 |
Accounts payable |
$75,000 |
|
Accounts receivable (net) |
42,200 |
Long-term liabilities |
100,000 |
|
Inventories |
57,000 |
Stockholders’ equity |
218,500 |
|
Investments |
76,300 |
||
|
Equipment (net) |
96,000 |
||
|
Patents |
32,000 |
||
|
$393,500 |
$393,500 |
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $5,000 and a bank overdraft of $4,000 has been deducted.
(2)The net accounts receivable balance includes:
(a) accounts receivable debit balances $50,000;
(b) accounts receivable credit balances $0; and
(c) allowance for doubtful accounts $3,800.
(3)
Inventories do not include goods costing $3,000 shipped out on
consignment. Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-for-sale $46,300, and franchises $17,000.
(5)
Equipment costing $5,000 with accumulated depreciation $4,000 is no
longer used and is held for sale. Accumulated depreciation on the other
equipment is $40,000.
Instructions:
Prepare a balance sheet in good form (stockholders’ equity details can be omitted).
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