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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