Question

Helen corporation's adjusted trial balance on December 31, 20x8 reflects the following amounts.

Requirement: Prepare a classified balance sheet for Helen Corporation

Credit $ 10,000 30,000 2,000 60,000 Accounts payable Debit - Accounts receivable Accumulated depreciation Equipment $18,000 - Administrative expenses Allowance for doubtful accounts 25,000 Cash 10,000 Common stock, $10 par Cost of goods sold 40,000 Dividends declared 5,000 Equipment 90,000 Gain from sale of land Inventory 14,000 60,000 Land Interest revenue Mortgage payable Rental revenue Retained earnings Sales 20,000 Selling expenses Unearned rent $282,000 Totals 6,000 4,000 43,000/ 12.000 20,000 80,000 $15,000 $282,000

Answer 1

Balance Sheet
Assets
Current Assets
Cash		$              10,000
Accounts Receivable	$            18,000
Less Allowance for doubtful accounts	$              2,000	$              16,000
Inventory		$              14,000
Total Current Assets			$           40,000
Property, Plant and Equipment
Land		$              60,000
Equipment	$            90,000
Less : Accumulated Depreciation	$           -30,000	$              60,000
Total Property, Plant and Equipment			$        1,20,000
Total Assets			$        1,60,000
Liabilities & Stockholder's Equity
Current Liabilities
Accounts Payable		$              10,000
Unearned Rent		$              15,000
Total Current Liabilities			$           25,000
Long term Debt
Mortagage Payable			$            43,000
Total Liabilities			$           68,000
Shareholder's Equity
Common Stock		$              60,000
Retained Earnings		$              32,000
Total Shareholder's Equity			$           92,000
Total Liabilities & Shareholder's Equity			$        1,60,000