Homework Answers
| Oakland Wholesalers | |||||
| Classified Balance Sheet | |||||
| As of December 31. | |||||
| Assets | Liabilities and Shareholders' Equity | ||||
| Current Assets: | Current Liabilities: | ||||
| Cash | $28,000 | Accounts Payable | $50,000 | ||
| Accounts Receivable | $40,000 | Salaries Payable | $7,000 | ||
| Inventory | $117,000 | Total Current Liabilities | $57,000 | ||
| Office Supplies | $1,000 | Long-term Liabilities: | |||
| Total Current Assets | $186,000 | Mortgage Payable (long-term) | $79,000 | ||
| Fixed Assets: | Total Long-term Liabilities | $79,000 | |||
| Land | $39,000 | Shareholders' Equity: | |||
| Buildings | $67,000 | Common Stock | $120,000 | ||
| Total Fixed Assets | $106,000 | Retained Earnings ($292,000 - $57,000 - $79,000 - $120,000) | $36,000 | ||
| Total Shareholders' Equity | $156,000 | ||||
| Total Assets | $292,000 | Total Liabilities and Shareholders' Equity | $292,000 | ||
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Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified...
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Will upvote :)
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mba
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Will upvote :)
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