Question

Your answer is partially correct. The following information is available for Riverbed Bowling Alley at December 31, 2022. Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $129.900 14,580 4,760 17,740 60,800 78,000 780 7.360 2,350 Share Capital Retained Earnings (beginning) Accumulated Depreciation-Buildings Accounts Payable Notes Payable Accumulated Depreciation-Equipment Interest Payable Bowling Revenues $100,000 29,480 42,570 11.700 97,600 18.240 2,350 14,330 Prepare a classified statement of financial position. Assume that $14.200 of the notes payable will be paid in 2023. (List Current Assets in reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

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Solution: 78000 Statement of financial position December 31, 2022 Assets: Fixed Cost: Land Buildings Less: Accumulated Depreciation - Building Equipment Less: Accumulated Depreciation - Equipment Current Assests: Prepaid Insurance Accounts Receivable Cash 87330 129900 42570 60800 18240 42560 207890 4760 14580 17740 37080 244970 100000 33320 (29480)+(14330-780-7360-2350) Total Assets Equity and Liabilities: Equity: Share Captial Retained Earning Non-Current Liabilities: Notes Payable Current Liabilities: Accounts Payable Interest Payable Notes Payable 83400 11700 2350 14200 (97600-83400) 28250 244970 Total Equity and Liabilities