Balance sheet preparation Use the appropriate items from the following list to prepare in good form…


Question Description:

25

Balance sheet preparation Use the appropriate items from the following list to prepare in good form Owen Davis Company’s balance sheet at December 31, 2003. Item Value ($000) at December 31, 2003 Accounts payable $220 Accounts receivable 450 Accruals 55 Accumulated depreciation 265 Buildings 225 Cash 215 Common stock (at par) 90 Cost of goods sold 2,500 Depreciation expense 45 Equipment 140 Furniture and fixtures 170 General expense 320 Inventories 375 Land 100 Long-term debts 420 Machinery 420 Marketable securities 75 Notes payable 475 Paid-in capital in excess of par 360 Preferred stock 100 Retained earnings 210 Sales revenue 3,600 Vehicles 25

Answer

25