?

Financial Accounting

Free Version

Upgrade subject to access all content

Moderate

Balance Sheet: Debt-to-Equity

FINACT-MKORDC

Green Grass Corporation provides the following information at year-end:

Account Titles Adjusted Trial Balance
Debits Credits
Accounts Payable \$23,525
Accounts Receivable \$60,500
Accumulated Depreciation - Building 75,000
Building 200,000
Capital In Excess of Par - Common Stock 35,000
Cash 26,055
Common Stock 30,000
Cost of Goods Sold 105,440
Depreciation Expense 16,650
Income Tax Expense 20,520
Income Tax Payable 20,520
Insurance Expense 15,000
Interest Expense 7,800
Inventory 55,810
Investment Revenue 3,000
Long-term Notes Payable 45,000
Preferred Stock 65,000
Prepaid Expenses 6,500
Rent Expense 26,000
Retained Earnings 40,780
Salaries Expense 70,000
Salaries Payable 28,500
Sales Revenue 270,000
Short-term Investments 35,000
Unearned Revenue 15,000
Utilities Expense 6,050
Totals \$651,325 \$651,325