Question

Presented below is the trial balance of Novak Corporation at December 31, 2020. Debit Credit Cash $ 198,550 Sales $ 8,101,220 Debt Investments (trading) (at cost, $145,000) 154,220 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,550 Equity Investments (long-term) 278,550 Notes Payable (short-term) 91,220 Accounts Payable 456,220 Selling Expenses 2,001,220 Investment Revenue 64,400 Land 261,220 Buildings 1,041,550 Dividends Payable 137,550 Accrued Liabilities 97,220 Accounts Receivable 436,220 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 26,220 Administrative Expenses 901,400 Interest Expense 212,400 Inventory 598,550 Gain 81,400 Notes Payable (long-term) 901,550 Equipment 601,220 Bonds Payable 1,001,550 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,001,220 Treasury Stock 192,220 Patents 195,000 Retained Earnings 79,550 Paid-in Capital in Excess of Par 81,550 Totals $12,332,870 $12,332,870 Prepare a balance sheet at December 31, 2020, for Novak Corporation. (Ignore income taxes)

Answer 1

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Step-by-step explanation:

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