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(Solved): Accounts Receivable 439,460 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Acc ...




Accounts Receivable
439,460
Accumulated Depreciation-Buildings
152,000
Allowance for Doubtful Accounts
29,460
Administrative
SHEFFIELD CORPORATION
Balance sheet
December 31,2020
\( i \)
Assets
Current Assets
Cash
5
Debt Investments:
Accounts Recelvab
Total Long-term Investments
Property, Plant and Equipment
Land
Buidings
Less *: Accumulated Depreclation-Buidings
Equipment
L
Liabilities and Stockholders Equity
Current Liabiities
Accounts Payable
5
Notes Payable
Dividends Payable
Acctued Liabilitie
Stockhoiders Equity
Paid-in Capital
Common Stock
Additional Paid-in Capital
Retained Earnings
Total Paid-in Capital and Reta
Accounts Receivable 439,460 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,460 Administrative Expenses Interest Expense 214,370 Inventory 600,110 Gain Notes Payable (long-term) 903,110 Equipment 604,460 Bonds Payable Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock (\$5 par) Treasury Stock 195,460 Patents 195,000 Retained Earnings 81,110 Paid-in Capital in Excess of Par Totals SHEFFIELD CORPORATION Balance sheet December 31,2020 Assets Current Assets Cash 5 Debt Investments: Accounts Recelvabie. Less : Allowance for Doubtful Accounts. Iriventory Total Current Assets Long:terminvestments Debt investments. Total Long-term Investments Property, Plant and Equipment Land Buidings Less *: Accumulated Depreclation-Buidings Equipment Less : : Accumulated Depreciation-Equipment. Total Property, Plant and Equipment Intangible Assets Franchises Patents Total intangible Assets Total Assets Liabilities and Stockholders' Equity Current Liabiities Accounts Payable 5 Notes Payable Dividends Payable Acctued Liabilities Total Current Liabilities Long-term Liabilities Notes Payable Bonds Payable Total Long-term Liabilities Total Liabilities Stockholders' Equity Stockhoiders' Equity Paid-in Capital Common Stock Additional Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings : Less : : Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity


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Computation of net income for the year ended December 31, 2020 is as follows: SHEFFIELD CORPORATIONIncome StatementFor
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