Question

eBook ер Question 2 Not complete Marked out of 29.00 P Flag question Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Blaford Wholesalers as of December 31. Accounts payable 352.000 Inventory 5142,000 Accounts receivable 54,000 Land 58,000 Building 91.000 Mortgage payable long term 100.000 Cash 40.000 Office supplies 2.000 Common stock 136,000 Retained earnings 2 Salaries payable 8.000 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. Balford Wholesalers Balance Sheet December 31 Assets Current assets 5 Total current assets Noncurrent assets Total montrent asses

Answer 1

Solution:
	BALANCE SHEET
	ASSETS	AMOUNT
	CURRENT ASSETS:
	Cash	$             40,000
	Account Receivable	$             54,000
	Inventory	$          1,42,000
	Office Supplies	$                2,000
	Total Current Assets	$          2,38,000
	NON-CURRENT ASSETS
	Buildng	$             91,000
	Land	$             58,000
	Total Non-Current Assets	$          1,49,000
	TOTAL OF ASSETS	$          3,87,000
	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT
	CURRENT LIABILITIES:
	Account Payable	$             52,000
	Salary Payable	$                8,000
	Total Current Liabilities	$             60,000
	LONG-TERM LIABILITIES
	Mortgage Payable	$          1,00,000
	Total Long Term Liabilities	$          1,00,000
	Shareholder's Equity
	Common Stock	$          1,36,000
	Retained Earnings	$             91,000
	Total Shareholder's Equity	$          2,27,000
	TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY	$          3,87,000
	Calculation of retained Earnings
	Retained Earnings = Total of Assets - Current Liabilities - Long Term Liabilities - Common Stock
	Retained Earnings = $ 387,000 - $ 60,000 - $ 100,000 - $ 136,000
	Retained Earnings = $ 91,000