Question

Presented below is the trial balance of Pina Corporation at December 31, 2017. Debit CreditCash $ 198,550Sales $ 8,103,580Debt Investments (trading) (cost, $145,000) 156,580Cost of Goods Sold 4,800,000Debt Investments (long-term) 300,550Equity Investments (long-term) 278,550Notes Payable (short-term) 93,580Accounts Payable 458,580Selling Expenses 2,003,580Investment Revenue 67,440Land 263,580Buildings 1,041,550Dividends Payable 137,550Accrued Liabilities 99,580Accounts Receivable 438,580Accumulated Depreciation-Buildings 152,000Allowance for Doubtful Accounts 28,580Administrative Expenses 904,440Interest Expense 215,440Inventory 598,550Gain (extraordinary) 84,440Notes Payable (long-term) 901,550Equipment 603,580Bonds Payable 1,001,550Accumulated Depreciation-Equipment 60,000Franchises 160,000Common Stock ($5 par) 1,003,580Treasury Stock 194,580Patents 195,000Retained Earnings 79,550Paid-in Capital in Excess of Par 81,550 Totals $12,353,110 $12,353,110 Prepare a balance sheet at December 31, 2017, for Pina Corporation. (Ignore income taxes).

Answer 1

Pina Corporation

Balance Sheet at December 31, 2017

Non - Current Assets

Land $263,580

Buildings $1,041,550

Accumulated Depreciation-Buildings ($152,000) $889,550

Equipment $603,580

Accumulated Depreciation-Equipment ($60,000) $543,580

Debt Investments (long-term) $300,550

Equity Investments (long-term) $278,550

Franchises $160,000

Patents $195,000

Total Non-Current Assets $2,630,810

Current Assets

Inventory $598,550

Debt Investments (trading) (cost, $145,000) $156,580

Accounts Receivable $438,580

Allowance for Doubtful Accounts ($28,580) $410,000

Cash $ 198,550

Total Current Assets $1,363,680

Total Assets $4,051,650

Equity and Liabilities

Equity

Common Stock ($5 par) $1,003,580

Treasury Stock $194,580

Retained Earnings $79,550

Paid-in Capital in Excess of Par $81,550

Total Equity $1,359,260

Liabilities

Non-Current Liabilities

Notes Payable (long-term) $901,550

Bonds Payable $1,001,550

Total Non-Current Liabilities $1,903,100

Current Liabilities

Notes Payable (short-term) $93,580

Accounts Payable $458,580

Dividends Payable $137,550

Accrued Liabilities $99,580

Total Current Liabilities $789,290

Total Liabilities $2,692,390

Total Equity and Liabilities $4,051,650

Step-by-step explanation:

A Balance Sheet shows the Balance of Assets, Liabilities and Equity as at the Reporting date.

See the Balance Sheet for Pina Corporation prepared above.