Question

Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at December 31, 2017 Building $90,988 Accounts receivable 10,836 Prepaid insurance 2.752 Cash 10.182 Equipment 70,864 Land 52632 Insurance expense Depreciation experne Interest expense Common stock 51400 Retained earnings (January 1, 2017) 34400 Accumulated deprecation-building 39216 Accounts payable Notes payable Accumulated depreciation equipment 16.099 Interest payable Service revenue the $11.696 of the bote payableware paid in 2010 st current sets in order of liquidity and property plant and equipment in orde Prepare a classified balance sheet. As buildings and equipment.)

Answer 1

Answer page or Required classified balance sheet - wling. Balance sheet us on 31st den polt Assets Curaent assets Amount (6) cash #1082 Account Receivable $ 10836 Prepaid insurance $2752 Total curent assete ($10182+ $10836+ $ 2752) (i)_ $ 23170 property, plant and equipment Building $ 90988 (90988-39216) Accumulated depreciation $39216 = 51112 Equipment ___ $ 70864 Accumulated depreciation $16099 = $54765 Iland $52632 Totalproperty, plant and equipment (3) $159169 Total assets = (i) + (0) $182939 70864-16699

page : iabilities Amount) Current liabilities Notes payable $ 11696 Accounts payable $ 8140 interest payable $ 3096 Ietal current liabilities (wo) ($11696+$ 8170 $3096) #22962 | long term liabilities Notes payable. (480496 - #11696) $68800 Total liabilities (id) { $22962 +$ 68800) $91762 shock holder equity 5 Common stock $ 51600 Retained connings $ 39577 Total stock holder equity (v) $91177 Total liabilities and stock holders equüty - (iv)+(v) $18.2939 workings -------- Porticulars Amount Service Revenue $12642 Expenses Hoswance expense 361 Depreciatios expense 9558 interest expense $2236 net income ( 12642-671-4558 -2236) L$5447 to

page : - particulars Amount Retained earnings- jan, 2014 434400 net income $5177 Retained earning Dec 31, 2017 344007 53 $ 39577