i need help with this question ASAP. ThanksThe following is the ending balances of accounts at December 31,

I need help with this question ASAP. ThanksA preliminary 2016 income
February 12, 2020
i need help with this assignment Fulbright Corp
February 12, 2020

i need help with this question ASAP. ThanksThe following is the ending balances of accounts at December 31,

2016 for the Valley Pump Corporation.

                           DR         CR

Cash                       25,000

Accounts Receivable            56,000

Inventories                   81,000

Interest Payable                          10,000

Marketable Securities            44,000

Land                       120,000

Buildings                    300,000

Accumulated Dep – Buildings                  100,000

Equipment                   75,000

Accumulated Dep – Equipment                  25,000

Patents, (net)                  12,000

Prepaid Expenses                32,000

Accounts Payable                          65,000

Deferred Revenues                          20,000

Notes Payable                            250,000

Allowance for Doubtful Accounts                 5,000

Common Stock                             20,000

APIC Common Stock                         180,000

Retained Earnings                            70,000

Total                        $745,000     $745,000

Additional Information: 

1. The $ 120,000 balance in the land account, consists of $ 100,000 for the cost of the land where the plant and office buildings are located. The remaining $ 20,000 consists of the cost of land being held for speculation.

2. The $ 44,000 in marketable securities consist of $30,000 in securities that management will be selling within the next year. The remainder they are unsure of at the present time. The marketable securities are valued at Fair Value.

3. The notes payable account consists of $ 100,000 note due in 6 months, and a $ 150,000 note due in 3 annual installments of $50,000 each, with the first installment due in August of 2017.00

4. The company has 50,000 shares of $ 1.00 par, authorized, and $ 20,000 issued and outstanding.

5. Inventory is valued at LCM

Requirement: Prepare a classified balance sheet in good form. For

Retained Earnings figure, please use the accounting equation.

 
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