Question

Hi there - Can I please get some assistance with the very last portion of this question?

Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable $26,500 56,000 23,000 68,000 99.600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 6,000 Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- -0- 80,190 -0- -0- 568,000 -0- -0- -0- 401,000 36,300 64,500 Total $806,900 $806.900

Answer 1

SANDHILL CORPORATION
Balance Sheet
At December 31,2020
Assets
Current assets:
Cash			$ 61,380
Accounts receivable		$ 56,000
Less: Allowance for doubtful accounts		$ 5,600	$ 50,400
Inventory			$ 23,000
Total current assets			$ 134,780
Property,plant, and equipment:
Land		$ 68,000
Buildings	$ 98,600
Less:Accumulated depreciation-Buildings	$ 34,650	$ 63,950
Equipment	$ 33,000
Less:Accumulated depreciation-equipment	$ 17,170	$ 15,830
Total property,plant, and equipment			$ 147,780
Total Assets			$ 282,560
Liabilities and stockholders' Equity
Current liabilities:
Accounts payable			$ 19,400
Interest Payable			$ 5,000
Dividends payable			$ 5,856
Unearned Rent Revenue			$ 1,800
Total current liabilities			$ 32,056
Long-term liabilities:
Bonds payable			$ 50,000
Total liabilities			$ 82,056
Stockholders' Equity:
Paid-in capital:
Capital stock:
Common stock		$ 42,000
Preferred stock		$ 20,000
Total capital stock		$ 62,000
Additional capital:
Paid-in capital in excess of par-common	$ 21,600
Paid-in capital in excess of par-Preferred	$ 2,000
Total additional Capital		$ 23,600
Total paid in capital			$ 85,600
Retained earnings			$ 129,624
Total paid in capital and retained earnings			$ 215,224
Less: Treasury stock			$ 14,720
Total stockholders' Equity			$ 200,504
Total liabilities and stockholders' Equity			$ 282,560