Question 23
Prepare a balance sheet as of today by assigning the following entries to right headers (Asset, Liability/Equity, Income, Expense) for the J. L. Gregory Company, using the following data
- Accounts payable $ 241,000
- Cash Balance $ 89,000
- Accounts receivable $ 505,000
- Equipment (at cost) $ 761,000
- Prepaid expenses $ 107,000
- Estimated tax liability $ 125,000.
- Buildings (at cost) $ 1,120,000
- Inventories $ 513,000
- Investment in the Peerless Company $ 320,000
- Land (at cost) $ 230,000
- Bonds payable $ 700,000
- Marketable securities $ 379,000
- Equity $ 1,000,000
- Accumulated depreciation on buildings $ 538,000
- Accumulated depreciation on equipment $ 386,000
Based on the above data, answer the given subquestions.
The income in the income statement is? (Hint: Balance Sheet should Balance):