Question

The December 31, 2021, past-closing trial balance for Strong Corporation is presented below: Credit Debit $ 22,500 22,700 4,600 180,000 56,000 42,000 277,000 8 00:37:07 Accounts Cash Accounts receivable Prepaid insurance Supplies Long-Term Investments Land Buildings Accumulated depreciation Accounts payable Notes payable, due 2022 Interest payable Notes payable, due 2031 Common stock Retained earnings Totals 88,000 37,700 69,000 15,000 128,000 200.000 67,100 $604,800 $604,800 Prepare a classified balance sheet for Strong Corporation at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) STRONG CORPORATION Balance Sheet As of December 31, 2021 Assets Liabilities and Stockholders' Equity Current Assets: Current liabilities: Accounts receivable Investments Prepaid insurance Tolal current liabilities Long-term liabilities: Total current assets Long-lerrn assets: Tolal liabilities Stockholders' Equity: Total long-term assets Talal assels 0 Total stockholders' equity Tolal liabilities and stockholders' equity

Answer 1

STRONG CORPORATION Balance Sheet As of December 31, 2021 Assets Liabilities Current Assets: Cash Accounts Receivable Prepaid insurance Supplies 225001 22700 4600 180000 Current liabilities: Accounts payable Notes payable, Due 2022 Interest payable 37700 69000 15000 121700 128000 Total Current liabilities Long term liabilities: Notes payable, Due 2031 229800 Total liabilities Stockholders Equity Common stock Retained earnings Total Current assets Long term assets: Long term investment Land Buildings Less: Accumulated Depreciation Total long term assets Total assets 249700 56000 42000 277000 -88000 200000 67100 287000 Total stockholders' equity 516800 Total Liabilities and stockholders' equity 267100 516800