Question

3. Prepare the classified balance sheet as of December 31, 2018. Use the report form 

Answer 1

Boston Advertising Services Balance Sheet December 31, 2018
Assets
Current Assets
Cash		$ 13,600
Accounts Receivable		12,100
Office Supplies		7,400
Total Current Assets			$ 33,100
Property Plant and Equipment
Land		17,600
Building, at cost	$ 51,500
Less: Accumulated Depreciation	(38,900)	12,600
Furniture, at cost	21,100
Less: Accumulated Depreciation	(14,500)	6,600
Property, Plant and Equipment, net			36,800
Total Assets			$ 69,900
Liabilities
Current Liabilities
Accounts Payable		10,000
Salaries Payable		7,400
Unearned Revenue		13,500
Total Current Liabilities			30,900
Long Term Liabilities			0
Total Liabilities			30,900
Stockholders' Equity
Common Stock		29,000
Retained Earnings		10,000
Total Stockholders' Equity			39,000
Total Liabilities and Stockholders Equity			$ 69,900