Presented below is the trial balance of Hightower Corporation on December 31, 2017. Debit Credit
Cash 295,000
Sales Revenue $12,150
Debt Investments (trading) (at cost, $218,000) 230,000
Cost of Goods Sold 7,200
Debt Investments (long-term) 448,000
Equity Investments (long-term) 416,000
Notes Payable (short-term) 135,000
Accounts Payable 682,000
Selling Expenses 3,000,000
Investment Revenue 95,000
Land 390,000
Buildings 1,560,000
Dividends Payable 204,000
Accrued Liabilities 144,000
Accounts Receivable 652,000
Accumulated Depreciation-Buildings 228,000
Allowance for Doubtful Accounts 38,000
Administrative Expenses 1,350,000
Interest Expense 317,000
Inventory 895,000
Gain 120,000
Notes Payable (long-term) 1,350,000
Equipment 900,000
Bonds Payable 1,500,000
Accumulated Depreciation-Equipment 90,000
Franchises 240,000
Common Stock ($5 par) 1,500,000
Treasury Stock 287,000
Patents 293,000
Retained Earnings 117,000
Paid-in Capital in Excess of Par 120,000
Totals $18,473,000 $18,473,000
Transform the trial balance into a balance sheet
.Instructions:
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity