Question

Michaels Company Below find the trial balance for Michaels for the year ended December 31, 2019. Using these accounts please prepare a classified balance Sheet at December 31, 2019

Account Name		Debit (Credit)
Accounts Payable		(140,000)
Accounts Receivable		170,000
Accumulated Depreciation=Equip		(180,000)
Accumulated Depreciation-Bldg		(370,000)
Allowance for uncollectible Accounts		(10,000)
Bond Sinking Fund		250,000
Bonds Payable		(1,000,000)
Building		1,050,000
Cash		150,000
Cash Surrender Value of Life Insurance		45,000
Common Stock, $1 par 400,000 shares authorized 100,000 shares issued		(100,000)
Copyrights		50,000
Equipment		450,000
Equity Investments short term		80,000
Franchise		165,000
Income Tax Payable		(40,000)
Inventory		180,000
Land		500,000
Land held for future use		379,000
Long Term Equity Investments		350,000
Long Term Notes Payable		(120,000)
Paid in Capital in addition to par		(900,000)
Patents		50,000
Preferred stock, no par 200,000 shares authorized 70,000 shares issued		(450,000)
Premium on Bonds Payable		(40,000)
Retained Earnings		(544,000)
Short-term Notes Payable		(80,000)
Treasury Common stock 10,000 shares at cost		110,000
Unearned Rent Revenue		(5,000)

Answer 1

Equity & Liabilities
i) Shareholder's funds
Common Stock, $1 par 400,000 shares authorized 100,000 shares issued	100000
Paid in Capital in addition to par	900000
Preferred stock, no par 200,000 shares authorized 70,000 shares issued	450000
Retained Earnings	544000
ii) Non current Liabilities
Long Term Notes Payable	120000
Premium on Bonds Payable	40000
iii) Current Liabilities & Provisions
Accounts payable	140000
Bonds Payable	1000000
Income Tax payable	40000
Short-term Notes Payable	80000
Unearned Rent Revenue	5000
	3419000
Assets
a) Fixed assets
i) Tangible
Equipment	450000
Accumulated Depreciation Equip	-180000
Building	1050000
Accumulated Depreciation-Bldg	-370000
Land	500000
Land held for future use	379000
ii) Intangibles
Copyrights	50000
Franchise	165000
Patents	50000
b) Investments
Long Term Equity Investments	350000
Treasury Common stock 10,000 shares at cost	110000
c) Current assets
Accounts receivables	170000
Allowance for uncollectible Accounts	-10000
Cash	150000
Bond Sinking Fund	250000
Cash Surrender Value of Life Insurance	45000
Equity Investments short term	80000
Inventory	180000
	3419000

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