The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes Payable (short-term) $192,000 Accounts Receivable $518,400 Accumulated Depreciation - Bldg. 783,000 Prepaid Insurance 56,250 Supplies 37,800 Preferred Stock 750,000 Salaries and Wages Payable 34,200 Common Stock 1,125,000 Debt Investments (long-term) 281,400 Inventory 1,580,250 Cash 170,250 Land 465,000 Bonds Payable Due 1/1/2025 1,200,000 Trading Securities 73,200 Allowance for Doubtful Accts. 7,800 Interest Payable 5,700 Copyrights 192,900 Buildings 1,926 Notes Receivable (due in 6 months) 138,000 Accounts Payable 409,950 Income Taxes Payable 156,000 Additional Paid-in Capital 163,800 (1). Prepare the current assets section of the balance sheet listing the accounts in proper sequence. (2). Prepare the current liabilities section of the balance sheet.

The following accounts appeared on the trail balance of Elbert Company at December 31, 2019. Notes Payable (short-term) $192,000 Accounts Receivable $518,400 Accumulated Depreciation - Bldg. 783,000 Prepaid Insurance 56,250 Supplies 37,800 Preferred Stock 750,000 Salaries and Wages Payable 34,200 Common Stock 1,125,000 Debt Investments (long-term) 281,400 Inventory 1,580,250 Cash 170,250 Land 465,000 Bonds Payable Due 1/1/2025 1,200,000 Trading Securities 73,200 Allowance for Doubtful Accts. 7,800 Interest Payable 5,700 Copyrights 192,900 Buildings 1,926 Notes Receivable (due in 6 months) 138,000 Accounts Payable 409,950 Income Taxes Payable 156,000 Additional Paid-in Capital 163,800 (1). Prepare the current assets section of the balance sheet listing the accounts in proper sequence. (2). Prepare the current liabilities section of the balance sheet.

Name: The following accounts appeared on the trail balance of Elbert Company
Uploaded: 2024-03-04T10:43:15.000Z
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Description: The following accounts appeared on the trail balance of Elbert Company at December 31, 2019.Notes Payable (short-term)$192,000Accounts Receivable$518,400Accumulated Depreciation - Bldg.783,000Prepaid Insurance56,250Supplies37,800Preferred Stock750,00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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bartleby, a Learneo, Inc. business

Notes Payable (short-term)	$192,000	Accounts Receivable	$518,400
Accumulated Depreciation - Bldg.	783,000	Prepaid Insurance	56,250
Supplies	37,800	Preferred Stock	750,000
Salaries and Wages Payable	34,200	Common Stock	1,125,000
Debt Investments (long-term)	281,400	Inventory	1,580,250
Cash	170,250	Land	465,000
Bonds Payable Due 1/1/2025	1,200,000	Trading Securities	73,200
Allowance for Doubtful Accts.	7,800	Interest Payable	5,700
Copyrights	192,900	Buildings	1,926
Notes Receivable (due in 6 months)	138,000	Accounts Payable	409,950
Income Taxes Payable	156,000	Additional Paid-in Capital	163,800