Homework Answers
Classified balance sheet:
| Phineas Company | |||
| Balance Sheet | |||
| For the year ended December 31,2018 | |||
| Assets | Liabilities and stockholder's equity | ||
| Current assets: | Current liabilities: | ||
| Cash | $8,800 | Accounts payable | $2,000 |
| Accounts receivable | $7,000 | Total current liabilities | $2,000 |
| Inventory | $5,500 | Long-term liabilities: | |
| Total current assets | $21,300 | Bonds payable | $15,300 |
| Total liabilities | $17,300 | ||
| Property,plant,and equipment: | |||
| Buildings and equipment | $54,000 | ||
| Accumulated depreciation | ($24,000) | Stockholder's Equity: | |
| Total property,plant,and equipment | $30,000 | Contributed capital | $20,000 |
| Retained earnings | $17,000 | ||
| Intangible assets: | Total stockholder's equity | $37,000 | |
| Patents | $3,000 | ||
| Total Assets | $54,300 | Total liabilities and stockholder's equity | $54,300 |
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