answer in text form please (without image) InstructionsPrepare a classified balance sheet as of December 31, 2020.E5.12B (LO 2) (Preparation of a Balance Sheet) Presented below is the trial balance of Do Corporation at December 31, 2020.CreditsCashSalesTrading Securities (at cost, $145,000)Cost of Goods SoldLong-term Investments in BondsLong-term Investments in StocksShort-term Notes PayableAccounts PayableSelling ExpensesInvestment RevenueLandBuildingsDividends PayableAccrued Liabilities.Accounts ReceivableAccumulated Depreciation-BuildingsAllowance for Doubtful AccountsAdministrative ExpensesInterest ExpenseInventoriesGain on Sale of Investments.Prior Period Adjustment-Depr. ErrorLong-term Notes PayableEquipmentBonds PayableAccumulated Depreciation-EquipmentFranchise (net of $80,000 amortization),Common Stock ($5 par)Treasury StockPatent (net of $30,000 amortization)Retained EarningsAdditional Paid-in CapitalTotalsDebits$ 98,50076,5002,400,000149,500138,5001,000,000130,000520,000217,500450,000105,500298,50070,000300,00080,00095,50097,500$6,227,500$4,050,00045,000227,50031,50068,00048,00076,00012,50040,000450,000500,00030,000500,000109,00040,000$6,227,500

The categorized balance sheet format is designed to assist users such as investors, creditors, and…

ration of a Balance Sheet) Presented below is the trial balance of Do Corporation at Decem Credits Cash Sales Trading Securities (at cost, $145,000) Cost of Goods Sold Long-term Investments in Bonds Long-term Investments in Stocks Short-term Notes Payable Debits $ 98,500 76,500 2,400,000 149,500 138,500 $4,050,000 45,000

ration of a Balance Sheet) Presented below is the trial balance of Do Corporation at Decem Credits Cash Sales Trading Securities (at cost, $145,000) Cost of Goods Sold Long-term Investments in Bonds Long-term Investments in Stocks Short-term Notes Payable Debits $ 98,500 76,500 2,400,000 149,500 138,500 $4,050,000 45,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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