Account balances and supplemental information for the Kelly Corporation as of December 31, 2017
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Account balances and supplemental information for the Kelly Corporation as of December 31, 2017, are given below:
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Accounts Payable ………………………………… |
$ 75,900 |
|
Accounts Receivable ……………………………… |
141,600 |
|
Accumulated Depreciation–Equipment ……………….. |
84,000 |
|
Bonds Payable …………………………………… |
300,000 |
|
Cash …………………………………………… |
243,900 |
|
Common Stock ……………………………………. |
1,560,000 |
|
Deferred Income Tax Liability (noncurrent) …………. |
6,900 |
|
Dividends Payable ……………………………….. |
45,000 |
|
Equipment ………………………………………. |
840,000 |
|
Income Taxes Payable …………………………….. |
91,500 |
|
Inventory ………………………………………. |
395,100 |
|
Investment in Land ………………………………. |
510,000 |
|
Investment in Stock of Subsidiary …………………. |
492,000 |
|
Note Payable ……………………………………. |
120,000 |
|
Notes Receivable ………………………………… |
150,000 |
|
Prepaid Insurance ……………………………….. |
7,200 |
|
Retained Earnings ……………………………….. |
453,600 |
|
Salaries and Wages Payable ……………………….. |
42,900 |
|
(a) |
$300,000 of 12% bonds were issued on December 31, 2017, at par. |
|
(b) |
40,000 shares of $30 par value common stock were sold for $1,560,000. |
|
(c) |
All the equipment was purchased on January 2, 2016. The depreciation rate is 10 percent per year. |
|
(d) |
5 percent of accounts receivable are expected to be uncollectible. |
|
(e) |
A two-year insurance policy was purchased on May 1, 2017, for $7,200. |
|
(f) |
Accrued interest on $150,000 of short-term notes receivable from customers was $5,100 at December 31, 2017. |
|
(g) |
$120,000 was borrowed from the bank on a 5-year, 10% note payable dated July 1, 2017. The loan is to be repaid at the end of 5 years. Interest is payable each year on July 1. |
Required:
Prepare a properly classified balance sheet in proper form for Kelly Corporation as of December 31, 2017. NOTE: the above items a-g need to be considered and any adjustments need to be made to the balance sheet accounts and any related income statement effects should be adjusted to the retained earnings account.
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