The following is a December 31, 2017, post-closing trial balance for the Happy Valley Corporation....
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Accounting
The following is a December 31, 2017, post-closing trial balance for the Happy Valley Corporation.
Account Name
Debit
Credit
Cash
25123
Accounts Receivable
55867
Inventory
82233
Interest Payable
10499
Marketable Securities
46126
Land
121941
Buildings
300486
Accumulated Depreciation -- Building
99036
Equipment
73821
Accumulated Depreciation -- Equipment
24101
Copyright (net of Amortization)
12755
Prepaid Expenses
34639
Accounts Payable
65545
Unearned Revenues
22037
Notes Payable
252229
Allowance for Uncollectible Accounts
7430
Common Stock
?
Retained Earnings
69201
Additional Information:
1. The $121941 balance in the land account consists of $100008 for the cost of land where the plant and office buildings are located. The remaining amount represents the cost of land being held for speculation.
2. The $46126 in the marketable securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year.
3. The notes payable account consists of a note due in six months and a $163267 note due in three equal annual installments, with the first payment due in August of 2018.
Calculate the following balance sheet total for the Happy Valley Corporation at December 31, 2017. Answer in dollars and cents ($ 0.00 ).
Common Stock:
Answer & Explanation
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