Posted: August 28th, 2016
Stock 400,000
Copyrights 105,000
Cost of Goods Sold 1,000,000
Customer Deposits (expected to be paid next year) 420
Deposits with Vendors (based on a long-term purchase contract) 50,000
Depreciation Expense (40% – Selling,60% – Administrative) 100,000
Dividend Income 30,000
Goodwill 100,000
Income Tax Expense 82,250
Income Taxes Payable 62,520
Interest Revenue 25,000
Inventories 499,493
Investments in Warren Co. 87,500
Land 125,000
Mortgage Payable ($1,500 per month) 308,000
Notes Payable to Banks 50,000
Notes Receivable (due next year) 23,000
Patents 125,000
Preferred Stock, 7% 300,000
Prepaid Expenses 16,252
Rental Income 50,000
Retained Earnings 162,582
Selling Expenses 300,000
Salaries Payable 52,000
Sales Discounts 120,000
Sales Revenue 2,000,000
Securities (available for sale)-at fair Market value 28,250
Trademarks 80,000
Twenty-year, 12% Bonds, due 1/1/2013 500,000
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