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Intermediate Accounting " 9 Questions"

31/03/2020 Client: jessical Deadline: 2 Day

(Balance Sheet) Presented below is the trial balance of Hightower Corporation at 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




1,50

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