Presented below is the trial balance of Hightower Corporation on December 31, 2017. Debit Credit
Cash 295,000
Sales Revenue $12,150
Debt Investments (trading) (at cost, $218,000) 230,000
Cost of Goods Sold 7,200
Debt Investments (long-term) 448,000
Equity Investments (long-term) 416,000
Notes Payable (short-term) 135,000
Accounts Payable 682,000
Selling Expenses 3,000,000
Investment Revenue 95,000
Land 390,000
Buildings 1,560,000
Dividends Payable 204,000
Accrued Liabilities 144,000
Accounts Receivable 652,000
Accumulated Depreciation-Buildings 228,000
Allowance for Doubtful Accounts 38,000
Administrative Expenses 1,350,000
Interest Expense 317,000
Inventory 895,000
Gain 120,000
Notes Payable (long-term) 1,350,000
Equipment 900,000
Bonds Payable 1,500,000
Accumulated Depreciation-Equipment 90,000
Franchises 240,000
Common Stock ($5 par) 1,500,000
Treasury Stock 287,000
Patents 293,000
Retained Earnings 117,000
Paid-in Capital in Excess of Par 120,000
Totals $18,473,000 $18,473,000
Transform the trial balance into a balance sheet
.Instructions:
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

Lusk corporation produces and sells 14,300 units of product x each month. the selling price of product x is $25 per unit, and variable expenses are $19 per unit. a study has been made concerning whether product x should be discontinued. the study shows that $72,000 of the $102,000 in monthly fixed expenses charged to product x would not be avoidable even if the product was discontinued. if product x is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be:

Gwen, a manager at exude apparels inc., received a message from a customer requesting a replacement for a purchased pair of shoes. exude apparels has a clearly stated no-return policy. gwen responded to the customer denying the request in a tactful and clear manner. despite this, the customer submitted a second request. in this scenario, which of the following is an appropriate response to the second request?