Question

Preparing a Classified Balance Sheet The following financial data for the Marshall Corporation was collected as of December 31, 2013. All accounts have normal balances. Furniture & Equipment $100,000 Accumulated Depreciation $41,800 Cash 49,400 Accounts Receivable 98,200 Common Stock 203,000 Accounts Payable 20,400 Prepaid Insurance 3,300 Inventory 93,000 Retained Earnings Required Prepare a classified balance sheet as of December 31, 2013. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Balance Sheet December 31,2013 Assets Current Assets: Inventory Total Current Assets Long-term Assets: Less: Accumulated Depreciation Total Long-term Assets Total Assets Liabilities & Stockholders' Equity Current Liabilities: Stockholders' Equity olo Total Stockholders' Equity Total Liabilities and Stockholders' Equity 50

Answer 1

MARSHALL CORPORATION
Balance Sheet as on
December 31, 2013
Assets
Current Assets:
Cash	$49,400
Accounts Receivable	$98,200
Inventory	$93,000
Prepaid Insurance	$3,300
Total Current Assets		$2,43,900
Long-Term Assets:
Furniture & Equipment.	$1,00,000
Less:Accumulated Depreciation	$41,800
Total Long-Term Assets		$1,41,800
Total Assets		$3,85,700
Liabilities & Stockholder's Equity
Current Liabilities:
Accounts Payable		$20,400
Stockholder's Equity
Common Stock		$2,03,000
Retained Earnings		$1,62,300
Total Stockholder's Equity		$3,65,300
Total Liabilities & Stockholder's Equity		$3,85,700