Acc280 Financial Accounting: W4-2 Balance Sheet Preparation (Hugh Jackman Corporation)

Acc280 Financial Accounting Week 4 Individual Exercise W4-2 Balance Sheet Preparation (Chapter 5) Presented below is the adjusted trial balance of Hugh Jackman Corporation at December 31, 2008. Debits Credits Cash $215,000 Sales 9,600,000 Trading Securities (at cost, $145,000) 173,000 Cost of Goods Sold 5,200,000 Long-term investment in Bonds 350,000 Long-term investment in Stocks 426,000 Short-term Notes Payable 125,000 Accounts Payable 465,000 Selling Expenses 2,300,000 Investment Revenue 65,000 Land 350,000 Buildings 1,236,000 Dividends Payable 156,000 Accrued Liabilities 152,000 Accounts Receivable 550,000 Accumulated Depreciation - Buildings 236,000 Allowance for Doubtful Accounts 36,000 Administrative Expenses 1,050,000 Interest Expense 237,000 Inventories 676,000 Extraordinary Gain 80,000 Long-term Notes Payable 900,000 Equipment 736,000 Bonds Payable 1,000,000 Accumulated Depreciation - Equipment 73,000 Franchise 180,000 Common Stock ($5 par) 1,000,000 Treasury Stock 200,000 Patent 195,000 Retained Earnings 86,000 Additional Paid-in Capital 100,000 Total $14,074,000 $14,074,000 Instructions: Prepare a classified balance sheet as of December 31, 2008. Ignore income taxes.
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