Fall Corporation's capital structure consists of 500,000 authorized shares of common stock, of which 100,000 have been issued and are still outstanding. At December 31, 2022, an analysis of the accounts and discussions with company officials revealed the following information: Accounts payable... Accounts receivable (trade accounts).. Accumulated depreciation....... Accumulated other comprehensive income. Allowance for uncollectible accounts.. Amortization expense.. Cash....... Common stock ($1 par value) Cost of goods sold. Deferred revenue... Depreciation expense.. Dividend revenue.. Fair value adjustment (trading securities — debit balance).. Gain on investments (Unrealized, NI). General and administrative expenses.. Interest expense.. Interest payable.. Inventory, December 31, 2022. Investments in trading securities (cost)... Land held for future plant site... 4% Notes payable (maturity 7/1/26 - $40,000 due July 1, 2023).... Paid in capital in excess of par... Patents...... Pension plan assets.. Projected benefit obligation... Property, Plant & Equipment.. Retained earnings, January 1, 2022. Sales revenue.. Sales discounts forfeited. Selling expenses... REQUIRED: 1- Prepare a trial balance for the above accounts. 50,000 325,000 160,000 (10,000) 16,000 12,000 459,300 100,000 1,560,000 156,000 40,000 5,000 ..50,000 80,000 ...350,000 10,000 4,000 ..222,000 180,000 .824,700 200,000 280,000 ..228,000 1,000,000 .800,000 ......664,000 622,000 $4,000,000 12,000 550,000
Fall Corporation's capital structure consists of 500,000 authorized shares of common stock, of which 100,000 have been issued and are still outstanding. At December 31, 2022, an analysis of the accounts and discussions with company officials revealed the following information: Accounts payable... Accounts receivable (trade accounts).. Accumulated depreciation....... Accumulated other comprehensive income. Allowance for uncollectible accounts.. Amortization expense.. Cash....... Common stock ($1 par value) Cost of goods sold. Deferred revenue... Depreciation expense.. Dividend revenue.. Fair value adjustment (trading securities — debit balance).. Gain on investments (Unrealized, NI). General and administrative expenses.. Interest expense.. Interest payable.. Inventory, December 31, 2022. Investments in trading securities (cost)... Land held for future plant site... 4% Notes payable (maturity 7/1/26 - $40,000 due July 1, 2023).... Paid in capital in excess of par... Patents...... Pension plan assets.. Projected benefit obligation... Property, Plant & Equipment.. Retained earnings, January 1, 2022. Sales revenue.. Sales discounts forfeited. Selling expenses... REQUIRED: 1- Prepare a trial balance for the above accounts. 50,000 325,000 160,000 (10,000) 16,000 12,000 459,300 100,000 1,560,000 156,000 40,000 5,000 ..50,000 80,000 ...350,000 10,000 4,000 ..222,000 180,000 .824,700 200,000 280,000 ..228,000 1,000,000 .800,000 ......664,000 622,000 $4,000,000 12,000 550,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Fall Corporation's capital structure consists of 500,000 authorized shares of common stock, of which 100,000
have been issued and are still outstanding. At December 31, 2022, an analysis of the accounts and discussions
with company officials revealed the following information:
Accounts payable......
Accounts receivable (trade accounts).
Accumulated depreciation.....
Accumulated other comprehensive income.
Allowance for uncollectible accounts.
Amortization expense..
Cash.......
Common stock ($1 par value)
Cost of goods sold
Deferred revenue..
Depreciation expense.
Dividend revenue..
Fair value adjustment (trading securities - debit balance).
Gain on investments (Unrealized, NI)....
General and administrative expenses.
Interest expense...
Interest payable.....
Inventory, December 31, 2022.
Investments in trading securities (cost)...
Land held for future plant site....
4% Notes payable (maturity 7/1/26 - $40,000 due July 1, 2023)...
Paid in capital in excess of par..
Patents......
Pension plan assets.
Projected benefit obligation..
Property, Plant & Equipment..
Retained earnings, January 1, 2022.
Sales revenue.
Sales discounts forfeited.
Selling expenses.
REQUIRED:
1 - Prepare a trial balance for the above accounts.
50,000
325,000
160,000
(10,000)
16,000
12,000
459,300
100,000
1,560,000
156,000
40,000
5,000
50,000
..80,000
350,000
10,000
4,000
.222,000
180,000
.824,700
200,000
280,000
228,000
1,000,000
.800,000
..664,000
.622,000
_$4,000,000
12,000
550,000
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