Question

Required

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2018.

Accounts receivable	$	41,450
Accounts payable		9,390
Cash		13,640
Common stock		41,000
Land		19,000
Long-term notes payable		24,950
Merchandise inventory		30,400
Retained earnings		29,150

	ALPHA CO. Classified Balance Sheet As of December 31, 2018 Assets Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Liabilities and Stockholders’ Equity Current liabilities Long-term liabilities Total liabilities Stockholders’ equity Total stockholders’ equity Total liabilities and stockholders’ equity

Answer 1

Answer

ALPHA CO.
Classified Balance Sheet
As of December 31, 2018
Assets
Current assets
Cash	$13,640
Accounts receivables	$41,450
Merchandise Inventory	$30,400
Total current assets		$85,490
Property, plant and equipment
Land	$19,000
Total property, plant and equipment		$19,000
Total assets		$104,490
Liabilities and Stockholders’ Equity
Current liabilities
Accounts Payable		$9,390
Long-term liabilities
Long Term Notes Payable		$24,950
Total liabilities		$34,340
Stockholders’ equity
Common Stock	$41,000
Retained Earnings	$29,150
Total stockholders’ equity		$70,150
Total liabilities and stockholders’ equity		$104,490