Question

Some of the accounts from the December 31, 2017, trial balance of Michael Roberts Engineers appear here. All accounts have their normal balances. (Click the icon to view the accounts.) Create the classified balance sheet in report format for Michael Roberts Engineers at December 31, 2017 Prepare the classified balance sheet, in report form, beginning with the heading. Then, complete the rest of the statement from assets to total liabilities and owner's equity (Abbreviations used: equip = equipment; furn = furniture.) December 31, 2017 For the Month Ended December 31, 2017 i Data Table - X Assets Current assets: $ Cash 31000 Michael Roberts, Capital Cash Furniture Furniture Equipment $ 19,400 Salaries Payable 31,000 Accumulated Amortization—Furniture 21,000 Mortgage Payable (current and long-term) 18,000 Mortgage Payable (current) 400 Uneamed Service Revenue 7,800 Supplies 8,200 1,800 400 26,000 1,300 2,600 600 Accounts Payable Accumulated Amortization Equipment Accounts Receivable Total current assets Property, plant, and equipment Equipment Equipment Fumiture Print Done Total assets Liabilities f a ldate to the next lasti

Answer 1

The classified balance sheet is prepared as follows:

А В C Michael Roberts Engineers 1 Balance Sheet 2 As on December 31, 2017 3 Details (S) Amount (S) Particulars 4 Assets 5 6 Current Assets: 31000 7800 600 =SUM(C7:C9) 7 Cash 8 Accounts receivable 9 Supplies 10 Total current assets 11 Property, plant and equipment 12 Furniture 21000 -400 8200 13 Less: Accumulated Depreciation 14 Equipment 15 Less: Accumulated Depreciation =B12+B13 =B14+B15 C13+C15 -C10+C16 -400 16 Net property, plant and equipment 17 Total Assets Liabilities and Shareholders' Equity 18 19 Current Liabilities: 20 Accounts payable 21 Salaries payable 22 Morgage payable 23 Unearned revenue 18000 1800 1300 2600 =SUM(B20:B23) 24 Total current liabilities 25 Long Term Liabilities: 26 Morgage payable - 26000-1300 -B26 27 Total long-term liabilities 28 Shareholders' Equity: 29 Michael Roberts, capital 30 Total liabilities and Shareholders' Equity 19400 C24+C27+C29

Results of the excel sheet are as follows:

А В C Michael Roberts Engineers Balance Sheet 2 As on December 31, 2017 3 Details Amount Particulars 4 (S) (S) Assets 5 6 Current Assets: 7 Cash 31000 8 Accounts receivable 7800 9 Supplies 600 10 Total current assets 39400 11 Property, plant and equipment 12 Furniture 21000 13 Less: Accumulated Depreciation 14 Equipment 15 Less: Accumulated Depreciation -400 20600 8200 7800 -400 16 Net property, plant and equipment 28400 17 Total Assets 67800 Liabilities and Shareholders' Equity 18 19 Current Liabilities: 20 Accounts payable 21 Salaries payable 22 Morgage payable 23 Unearned revenue 18000 1800 1300 2600 24 Total current liabilities 23700 25 Long Term Liabilities: 26 Morgage payable 24700 27 Total long-term liabilities 28 Shareholders' Equity: 29 Michael Roberts, capital 30 Total liabilities and Sharehold ers' Equity 24700 19400 67800

Hence, the total balance of the balance sheet is $67,800.