Question

From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts Payable $55,000 Inventory $142,000 Accounts Receivable 61,000 Land 58,000 Building and Equipment 87,000 Mortgage Payable (long term) 82,000 Cash 40,000 Office Supplies 2,000 Common Stock 125,000 Retained Earnings Salaries Payable 8,000 Assets Current Assets: Accounts Receivable - X Cash Inventory Office Supplies Total Current Assets HALFORD WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Accounts Payable $ 55,000 Salaries payable 8,000 Total Current Liabilities 61,000 40,000 x 142,000 2,000 63,000 245,000 Long-Term Liabilities: Mortgage Payable (long - Total Long-term Liabilities: 82,000 82,000 Noncurrent Assets: Land Building and Equipment Total Noncurrent Assets 58,000 87,000 0X Total Liabilities 0 145,000 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 125,000 120,000 225,000 X 390,000 Total Assets $ 390,000 $

Answer 1

Amount Amount Amount Assets Current Assets Halford Wholesalers Balance Sheet December 31 Amount Liabilities Current Liabilities Accounts Payable Salaries Payable Total Current Liabilities Cash $55,000 $8,000 $40,000 $61,000 $1,42,000 $2,000 Account Receivable Inventory Office Supplies Total Current Assets $63,000 $82,000 $2,45,000 Long Term Liabilities Mortgage Payable (Long Term) Total Long Term Liabilities Total Liabilities Non Current Assets Land Building and Equipment $82,000 $1,45,000 $58,000 $87,000 $1,45,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $1,25,000 $1,20,000 $2,45,000 Total Assets $3,90,000 Total Liabilities & Owners' Equity $3,90,000