BalSheetForClass - Additional Info 1 The $120,000 in Land...

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ACCOUNT TITLES DEBITS CREDITS Cash 25,000 Accounts Receivable 56,000 Inventories 81,000 Interest Payable 10,000 Marketable Securities 44,000 Land 120,000 Buildings 300,000 Accum. Depreciation—Buildings 100,000 Equipment 75,000 Accum. Depreciation—Equipment 25,000 Copyright (net of amortization) 12,000 Prepaid Expenses 32,000 Accounts Payable 65,000 Unearned Revenue 20,000 Notes Payable 250,000 Allowance for Uncollectible Accounts 5,000 Common Stock 200,000 Retained Earnings 70,000 Totals 745,000 745,000 Dec. 31 post close trial balance for Jackson Corp as of Dec. 31, 2011
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Unformatted text preview: Additional Info: 1. The $120,000 in Land includes $100,000 for the cost of land where the plant and office are located plus $20,000 for land held for speculation. 2. The $44,000 of marketable securities is common stock of another corporation. Valley intends to sell half of this stock within the year. 3. Notes Payable includes $100,000 note due in 6 months. The remaining $150,000 is a note with 3 payments of $50,000; the first is due 8/31/2012....
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