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Presented below is the adjusted trial balance of Packers Corporation at December 31, 2025. Debit Credit Cash $ 197,000 Sales Revenue $ 8,100,000 Debt Investments (trading) (at cost, $145,000) 153,000 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable 4,800,000 299,000 277,000 90,000 455,000 2,000,000 63,000 260,000 1,040,000 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventory 597,000 Gain 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,000,000 Treasury Stock 191,000 Patents 195,000 Retained Earnings 78,000 Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000 Required: Prepare a classified balance sheet at December 31, 2025, for Packers Corporation. (Ignore income taxes.)

Presented below is the adjusted trial balance of Packers Corporation at December 31, 2025. Debit Credit Cash $ 197,000 Sales Revenue $ 8,100,000 Debt Investments (trading) (at cost, $145,000) 153,000 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable 4,800,000 299,000 277,000 90,000 455,000 2,000,000 63,000 260,000 1,040,000 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventory 597,000 Gain 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,000,000 Treasury Stock 191,000 Patents 195,000 Retained Earnings 78,000 Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000 Required: Prepare a classified balance sheet at December 31, 2025, for Packers Corporation. (Ignore income taxes.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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vi.6

Presented below is the adjusted trial balance of Packers Corporation at December 31, 2025. Debit Credit Cash $ 197,000 Sales Revenue $ 8,100,000 Debt Investments (trading) (at cost, $145,000) 153,000 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable 4,800,000 299,000 277,000 90,000 455,000 2,000,000 63,000 260,000 1,040,000 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventory 597,000 Gain 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,000,000 Treasury Stock 191,000 Patents 195,000 Retained Earnings 78,000 Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000 Required: Prepare a classified balance sheet at December 31, 2025, for Packers Corporation. (Ignore income taxes.)
Transcribed Image Text:Presented below is the adjusted trial balance of Packers Corporation at December 31, 2025. Debit Credit Cash $ 197,000 Sales Revenue $ 8,100,000 Debt Investments (trading) (at cost, $145,000) 153,000 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable 4,800,000 299,000 277,000 90,000 455,000 2,000,000 63,000 260,000 1,040,000 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventory 597,000 Gain 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,000,000 Treasury Stock 191,000 Patents 195,000 Retained Earnings 78,000 Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000 Required: Prepare a classified balance sheet at December 31, 2025, for Packers Corporation. (Ignore income taxes.)
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