Presented below is the trial balance of Pina Corporation at December 31, 2020. Debit Credit
Cash $200,230
Sales $8,104,580
Debt Investments (trading) (at cost, $145,000) 157,580
Cost of Goods Sold 4,800,000
Debt Investments (long-term) 302,230
Equity Investments (long-term) 280,230
Notes Payable (short-term) 94,580
Accounts Payable 459,580
Selling Expenses 2,004,580
Investment Revenue 67,550
Land 264,580
Buildings 1,043,230
Dividends Payable 139,230
Accrued Liabilities 100,580
Accounts Receivable 439,580
Accumulated Depreciation-Buildings 152,000
Allowance for Doubtful Accounts 29,580
Administrative Expenses 904,550
Interest Expense 215,550
Inventory 600,230
Gain 84,550
Notes Payable (long-term) 903,230
Equipment 604,580
Bonds Payable 1,003,230
Accumulated Depreciation-Equipment 60,000
Franchises 160,000
Common Stock ($5 par) 1,004,580
Treasury Stock 195,580
Patents 195,000
Retained Earnings 81,230
Paid-in Capital in Excess of Par 83,230
Totals $12,367,730 $12,367,730

Required:
Prepare a balance sheet at December 31, 2020, for Scott Butler Corporation.

Scott Butler Corporation

Balance sheet as at December 31, 2020

                                                                                      $                      $

Non-Current Assets

Land                                                                                               264,580

Buildings                                                                1,043,230

Less Accumulated Depreciation-Buildings          (152,000)        891,230

Equipment                                                               604,580

Accumulated Depreciation-Equipment                 (60,000)       544,580

Debt Investments (long-term)                                                      302,230

Equity Investments (long-term)                                                    280,230

Franchises                                                                                     160,000

Patents                                                                                           195,000

Total Non - Current Assets                                                        2,637,620

Current Assets

Inventory                                                                                      600,230

Debt Investments (trading) (at cost, $145,000)                          157,580

Accounts Receivable                                              439,580

Less Allowance for Doubtful Accounts                 (29,580)       410,000

Cash                                                                                             200,230

Total Current Assets                                                                 1,368,040

Total Assets                                                                              3,255,050

Equity and Liabilities

Equity

Common Stock ($5 par)                                                          1,004,580

Treasury Stock                                                                            195,580

Paid-in Capital in Excess of Par                                                  83,230

Retained Earnings                                                                        81,230

Total Equity                                                                              1,364,620

Liabilities

Non-Current Liabilities

Notes Payable (long-term)                                                       903,230

Bonds Payable                                                                       1,003,230

Total Non-Current Liabilities                                                  1,906,460

Current Liabilities

Accounts Payable                                                                     459,580

Notes Payable (short-term)                                                        94,580

Dividends Payable                                                                     139,230

Accrued Liabilities                                                                     100,580

Total Current Liabilities                                                             793,970

Total Liabilities                                                                        1,890,430

Total Equity and Liabilities                                                    3,255,050

Explanation:

A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the Reporting Date.

See the Balance Sheet prepared above.

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