Question

The information that follows is from Cullen's Hardware Company's June 30,2014 post - closing trial balance

REQUIRED : PREPARE CLASSIFIED BALANCE SHEET FOR Cullen's Hardware Company's

Credit Debit 42,800 34,300 1,280 145,000 2,100 3,780 4,800 287,000 440 290,000 Account Name Cash Short-Term Investments Sales Supplies Merchandise Inventory Prepaid Rent Income Taxes Payable Prepaid Insurance Accounts Receivable Office Supplies Common Stock Notes Receivable Land Delivery Equipment Accumulated Depreciation-Delivery Equipment Trademark Accounts Payable Salaries Payable Deposit for Future Advertising Interest Payable Retained Earnings Long-Term Notes Payable Building, Not in Use Totals 10,000 31,400 43,200 28,400 4,000 124,600 7,700 3,680 840 118,880 80,000 44,200 654,200 654,200

Answer 1

SOLUTION:

CLASSIFIED BALANCE SHEET
Cullen's Hardware Company's
Assets
Current assets
Cash		42,800
Short-term investments		34,300
Notes receivable		10,000
Accounts receivable		287,000
Merchandise inventory		145,000
Prepaid rent		2,100
Prepaid insurance		4,800
Sales supplies		1,280
Office supplies		440
Deposit for future advertising		3,680
Total current assets			531,400
Investments:
Building, not in use			44,200
Property, plant, and equipment:
Land		31,400
Delivery equipment	43,200
Less: Accumulated depreciation	-28,400	14,800
Total property, plant, and equipment			46,200
Intangible assets:
Trademark			4,000
Total Assets			625,800
Liabilities:
Current liabilities:
Accounts payable		124,600
Salaries payable		7,700
Income taxes payable		3,780
Interest payable		840
Total current liabilities			136,920
Long-term liabilities:
Long-term notes payable			80,000
Total liabilities			216,920
Stockholders' Equity
Common stock		290,000
Retained earnings		118,880
Total stockholders' equity			408,880
Total liabilities and stockholders' equity			625,800