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E4-01A.Stat eBook Print Question 1 Not complete Marked out of 29.00 P Flag question $117.000 Preparing a Classified Balance S
Note: Balance sheet accounts are disclosed in a certain order. Refer to the example provided using Apple Inc.s Balance Sheet
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Answer #1
Berkly Wholesalers
Balance Sheet
December 31
Assets
Current assets:
Cash $26,000
Accounts receivable $40,000
Inventory $117,000
Office supplies $2,000
Total current assets $185,000
Non-current assets:
Building $67,000
Land $45,000
Total non-current assets $112,000
Total assets $297,000
Liabilities & Stockholders' Equity
Current liabilities:
Accounts payable $43,000
Salaries payable $7,000
Total current liabilities $50,000
Long-term liabilities:
Mortgage payable $78,000
Total liabilities $128,000
Stockholders' Equity:
Common stock $111,000
Retained earnings $58,000
Total stockholders' Equity $169,000
Total liabilities & Stockholders' Equity $297,000
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