Question

Preparing a Classified Balance Sheet The following financial data for the Revel Corporation was collected as of December 31. All accounts have normal balances. Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 61,000 Accounts Receivable 95,200 Common Stock 190,000 Accounts Payable 19,200 Prepaid Insurance 300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31. Note: Do not use negative signs with your answers. REVEL CORPORATION Balance Sheet December 31 Assets Current Assets: Inventory Total Current Assets Noncurrent Assets: Less: Accumulated Depreciation Total Noncurrent Assets Total Assets Liabilities & Stockholders' Equity Current Liabilities: O Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Ololoo Please answer all parts of the question.

Answer 1

Answer
Balance Sheet:
Assets:
Current assets:
Cash	$        61,000
Accounts receivable	$        95,200
Inventory	$        93,000
Prepaid insurance	$             300
Total Current assets		$      249,500
Long term assets:
Furniture & Equipment	$      107,000
Less: Accumulated dep	$        48,800
Total Long term assets		$        58,200
Total assets		$      307,700
Liabilities and Stockholder's equity:
Current liabilities:
Accounts Payable		$        19,200
Stockholders equity
Common Stock	$      190,000
Retained earnings	$        98,500
Total Stockholder's equity		$      288,500
Total liabilities and Stockholder's equity		$      307,700