Question

2-2. From the account balances given below for the Snow Corporation,
as of December 31, 1972, prepare a balance sheet with inforination
properly classified:
Accounts Payable
$ 19,600 Employees Income Taxes Pay-
Accounts Reccivablc. .
96,000 able....
Accrucd Interest and Property
$ 1,200
Equiponent .
Taxes
51,000
5,420 FICA Taxes Payable.
700
Accrucd Salaries.
750 Goodwill
45,000
Accumulated Depreciation
Income Taxes Payable.
9,800
Buildings
51,000 Interest Receivable.
900
Accumulated Depreciation
Inventorics.
126,900
Equipment.
14,000 Land...
Advances to Officers.
15,000 Land for Future Plant Si:
39.000
Allowance for Doubtful Ac-
Notes Payable
32,000
counts.
13,000 Notes Receivable
25,000
897 Bonds Payable, due Sept. 1,
Paid-In Capital from Sale of
1981...
125,000 Common Stock at More
Bond Sinking Fund
60.000 Than Stated Value.
75,000
Buildings..
135,000 Patents.
25,000
Buildings and Equipment Re:
Preferred Stock, $100 par. 110,000
location Costs
12,000 Premiurn on Bonds Payable. 5,000
Cash..
23,900 Premiumn on Preferred Stock. 6,500
Cash Dividends Payable
21,000 Prepaid Taxes, Insurance, and
Miscellaneous Services
3.100
Cash Surrender Value of Life
Insurance....
6,240 Rent Receivable: ...
2.200
Retained Earnings
48,570
Common Stock, $50 Stated
Value...
150,000 Supplies...
2,100
Deferred Income Taxes Pay-
Temporary Investments in
21,200 Marketable Securities
28.000
Uncained Lease Income.
1,900​

Answer 1

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