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(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.
| | Debit | Credit |
| Cash | 295,000 | |
| Sales Revenue | | $12,150,000 |
| Debt Investments (trading) (at cost, $218,000) | 230,000 | |
| Cost of Goods Sold | 7,200,000 | |
| Debt Investments (long-term) | 448,000 | |
| Equity Investments (long-term) | 416,000 | |
| Notes Payable (short-term) | | 135,000 |
| Accounts Payable | | 682,000 |
| Selling Expenses | 3,000,000 | |
| Investment Revenue | | 95,000 |
| Land | 390,000 | |
| Buildings | 1,560,000 | |
| Dividends Payable | | 204,000 |
| Accrued Liabilities | | 144,000 |
| Accounts Receivable | 652,000 | |
| Accumulated DepreciationBuildings | | 228,000 |
| Allowance for Doubtful Accounts | | 38,000 |
| Administrative Expenses | 1,350,000 | |
| Interest Expense | 317,000 | |
| Inventory | 895,000 | |
| Gain | | 120,000 |
| Notes Payable (long-term) | | 1,350,000 |
| Equipment | 900,000 | |
| Bonds Payable | | 1,500,000 |
| Accumulated DepreciationEquipment | | 90,000 |
| Franchises | 240,000 | |
| Common Stock ($5 par) | | 1,500,000 |
| Treasury Stock | 287,000 | |
| Patents | 293,000 | |
| Retained Earnings | | 117,000 |
| Paid-in Capital in Excess of Par | | 120,000 |
| Totals | $18,473,000 | $18,473,000 |
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders equity
Answer & Explanation
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