Presented below is the trial balance of Scott Butler Corporation at December 31, 2014

(Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

Debit             Credit
Cash                                    $ 197,000
Sales Revenue                                              $ 8,100,000
Debt Investments (trading) (at cost, $145,000)153,000
Cost of Goods Sold                     4,800,000
Debt Investments (long-term)     299,000
Equity Investments (long-term)  277,000
Notes Payable (short-term)                                  90,000
Accounts Payable                                                455,000
Selling Expenses                      2,000,000
Investment Revenue                                            63,000
Land                                         260,000
Buildings                                 1,040,000
Dividends Payable                                             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 (extraordinary)                                         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

Instructions:

Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes.)

Here’s the SOLUTION

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