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The December 31,2012,post-Closing Trial Balance for Strong Corporation Is Presented

Question 147

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The December 31,2012,post-closing trial balance for Strong Corporation is presented below:
 Debits  Credits  Cash $22,500 Investments 55,000 Accounts Receivable 22,500 Prepaid Insurance 4,500 Supplies 100,000 Land 45,000 Buildings 277,500 Accumulated Depreciation 80,000 Accounts Payable 37,500 Notes Payable, due 2013 65,000 Interest Payable 10,000 Notes Payable, due 2025 120,000 Common Stock 150,000 Retained Earnings 64,500 Totals $527,000$527,000\begin{array} { l r r } & { \text { Debits } } & \text { Credits } \\\hline \text { Cash } & \$ 22,500 & \\\text { Investments } & 55,000 & \\\text { Accounts Receivable } & 22,500 & \\\text { Prepaid Insurance } & 4,500 & \\\text { Supplies } & 100,000 & \\\text { Land } & 45,000 & \\\text { Buildings } & 277,500 & \\\text { Accumulated Depreciation } & & 80,000 \\\text { Accounts Payable } & & 37,500 \\\text { Notes Payable, due 2013 } & & 65,000 \\\text { Interest Payable } & & 10,000 \\\text { Notes Payable, due 2025 } & & 120,000 \\\text { Common Stock } &&150,000 \\\text { Retained Earnings } && 64,500 \\\hline \text { Totals } & \$ 527,000 & \$ 527,000 \end{array}
Prepare a classified balance sheet for Strong Corporation at December 31,2012.

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