Question

E4-01A.Stat eBook Print Question 1 Not complete Marked out of 29.00 P Flag question $117.000 Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable 543.000 Inventory Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable long term 78,000 Cash 26,000 ke Supplies 2.000 Common stock 111,000 Retained earnings 2 Salaries payable 7.000 Note: Balance sheet accounts are disclosed in a certain order Refer to the example provided using Apple Inc.'s Balance Sheet in Chapter 4 and enter your answers in the appropriate order Berkly Wholesalers Balance Sheet December 31 Current as . Total current Noncurrentes 20

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