View the step-by-step solution to: E5-12 (Preparation of a Balance Sheet) Presented below is the

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E5-12 (Preparation of a Balance Sheet)

Presented below is the trial balance of Vivaldi Corporation at December 31, 2010.

Debit Credits
Cash $197,000
Sales $7,900,000
Trading securities
(at cost, $145,000) 153,000
Cost of goods sold 4,800,000
Long-term investments in bonds 299,000
Long-term investments in stocks 277,000
Short-term notes payable 90,000
Accounts payable 455,000
Selling expenses 2,000,000
Investment revenue 63,000
Land 260,000
Buildings 1,040,000
Dividends payable 136,000
Accrued liabilities 96,000
Accounts receivable 435,000
Accumulated depreciation-Buildings 352,000
Allowance for doubtful accounts 25,000
Administrative expenses 900,000
Interest expense 211,000
Inventories 597,000
Extraordinary gain 80,000
Long-term notes payable 900,000
Equipment 600,000
Bonds payable 1,000,000
Accumulated depreciation-Equipment 60,000
Franchise (net of $80,000 amortization) 160,000
Common stock ($5 par) 1,000,000
Treasury stock 191,000
Patent (net of $30,000 amortization) 195,000
Retained earnings 78,000
Additional paid-in capital 80,000
$12,315,000 $12,315,00

Answer in Attached file: Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes. (List liabilities, long-term investments, and intangible assets from largest to smallest amount, e.g. 10, 5, 3.)
E5-12 Fillable Answers.docx

Balance Sheet

December 31, 2010
Current assets



Less: Allowance for doubtful accounts


Total current assets

Long­term investments

Total long­term investments

Property, plant, and equipment





Total property, plant, and equipment

Intangible assets

Total intangible assets

Total assets


Current liabilities

Dividends payable


Total current liabilities

Long­term liabilities

Total long­term liabilities

Total liabilities

Stockholders' equity
Paid­in capital


Liabilities and Stockholders' Equity


Retained earnings

Total paid­in capital and retained earnings


Total stockholders' equity

Total liabilities and stockholders' equity


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Balance Sheet

December 31, 2010
Current assets



Less: Allowance for doubtful accounts


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