(Answered) The solution to Financial reporting

The following accounts appeared on the trial balance of Elbert Company at December 31, 2008. All accounts have normal balances.;Notes Payable $64,000 Accounts Receivable $172,800;Accumulated Depreciation - Bldg. $261,000 Prepaid Expenses $18,750;Supplies on Hand $12,600 Customers' Deposits $1,250;Accrued Salaries and Wages $11,400 Common Stock*** $375,000;*Investments in Debt Securities $93,800;Cash $56,750 Inventories (average cost) $526.750;Bonds Payable Due 1/1/12 $400,000 Land at Cost $155,000;Allowance for Doubtful Accts. $2,600 Trading Securities**** $24,400;Franchise $64,300 Accrued Interest on Notes Payable $650;Notes Receivable $46,000 Buildings at Cost $642,000;Income Taxes Payable $52,000 Accounts Payable $136,650;Preferred Stock** $250,000 Additional Paid-in Capital $54,600;Appropriated Retained Earnings $98,000;Unappropriated Retained Earnings $106,000;*The company intends to hold the securities until maturity, which is in ten years.;**8% cumulative, $10 par value, 25,000 shares authorized and outstanding.;***$1 par value, 400,000 shares authorized, 375,000 shares issued and outstanding.;****The company intends to sell the trading securities in the next year.;Attachments;brainmass.docx
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