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" Debits Credits Cash $ 197,000 Sales $ 8,100,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments
" Debits Credits Cash $ 197,000 Sales $ 8,100,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term Investments in Stocks 277,000 Short-term Notes Payable 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventories 597,000 Extraordinary Gain 80,000 Long-term Notes Payable 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated Depreciation-Equipment 60,000 Franchise 160,000 Coomon Stock ($5 par) 1,000,000 Treasury Stock 191,000 Patent 195,000 Retained Earnings 78,000 Additional Paid-in Capital 80,000 Totals $12,315,000 $12,315,000 Instructions Prepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxes
