Question

TER 3 ASSIGNMENT J Nursery, Inc, listed the following account balances at December 31 2018, the end of ts fiscal year cash, The trial balance for K and $16,000, accounts receivable, $11000, inventories, $25,000 equipment (net), $80000, accounts payable. $14.000: wages payable $9,000, nterest payable, $1,000, note payable (due in 18 months), $30000, common stock $50,000 Prepare a classified balance sheet for K and J Nursery, Inc The equipment originaly cost $140,000 (Amounts to be deducted should be indicated by a minus sign.J K AND J NURSERY, INC 51, 2018 < prey 3of 7 Score answer > caly sends some dria to Mola so that sw can mpiese your esperience

Answer 1

BALANCE SHEET
ASSETS
Current Assets:
Cash	16000
Acccounts receivable	11000
Inventories	25000
Total current assets		52000
Non-Current Assets:
Equipment	140000
Accumulated depreciation-Equipment	60000
Total non current assets		80000
Total assets		132000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	14000
Wages payable	9000
Interest payable	1000
Total current liabilities		24000
Long term notes payable		30000
Total liabilities		54000
Stockholders' equity:
Common stock	50000
Retained earnings (78000-50000)	28000
Total stockholders' equity		78000	[132000-54000]
Total liabilities and stockholders equity		132000