Question

Classified Balance Sheet The Werthman Company collected the following information for the preparation of its December 31, 2013, classified balance sheet: Accounts Receivable $18,000 Property Plant and Equipment $200,000 Cash 20,000 Inventory 65,000 Other Current Assets 28,000 Other Long-Term Assets 43,000 Accounts Payable 24,000 Common stock 98,000 Long-Term Liabilities 58,000 Retained Earnings ? Other Current Liabilities 21,000 Prepare a classified balance sheet for Werthman Company. WERTHMAN COMPANY Balance Sheet December 31, 2013 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets: $ $ - Other Current Liabilities Inventory Total Current Liabilities Total Current Assets Long-term Liabilities A Total Long-term Liabilities Long-term Assets Property, Plant and Equipment Total Liabilities Total Long-term Assets Stockholders' Equity: Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ Total Assets $

Answer 1

A classified balancesheet for Werthman Company is as follows:

                                           WERTHMAN COMPANY

                                                   Balance Sheet

                                        December 31,2013

Assets	$	Liabilities and Stockholder's Equity	$
Current Assets:		Current Liability:
Cash	20,000	Account Payable	24,000
Account Receivable	18,000	Other Current Liabilities	21,000
Inventory	65,000	Totall Current Liability	45,000
Other Current Assets	28,000
Total Current Assets	131,000	Long Term Liabilities:
		Long Term Liabilities	58,000
Long Term Assets:		Total Long Term Liabilities	58,000
Property, Plant and Equipment:	200,000
Other Long Term Assets	43,000	Total Liabilities	103,000
Long Term Assets	243,000
		Stockholder's Equity:
		Common Stock	98,000
		Retained Earnings	173,000
		($271,000 - $98,000)
		Total Stockholder's Equity	271,000
		($374,000 - $103,000 )
Total Assets	$374,000	Liabilities and Stockholder's Equity	$374,000