Question

Classified Balance Sheet The George Company collected the following information for the preparation of its December 31, classified balance sheet: Property Plant and Accounts Receivable $22,000 Equipment $200,000 Cash 17,000 Inventory 57,000 Other Long-Term Other Current Assets 25,000 Assets 40,000 Common Accounts Payable 25,000 stock 92,000 Retained Long-Term Liabilities 60,000 Earnings ? Other Current Liabilities 19.000 Prepare a classified balance sheet for George Company. GEORGE COMPANY Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: $ $ Other Current Liabilities Inventory Total Current Liabilities Total Current Assets Long-term Liabilities Total Long-term Liabilities Noncurrent Assets Property, plant and Equipment Total Liabilities Total Long-term Assets Stockholders' Equity e

Answer 1

Classified balance sheet

Assets       Liabilities & Stockholders' Equity         
Current Assets:       Current Liabilities:         
Cash   17,000   Accounts payable   25,000     
Accounts receivable   22,000   Other current liabilities   19,000     
Inventory   57,000   Total Current Liabilities   44,000     
Other current assets   25,000             
Total Current Assets   121,000   Noncurrent Liabilities:         
       Long-term liabilities   60,000     
Noncurrent Assets:       Total Liabilities   104,000     
Property, plant & equipment   200,000             
Other long-term assets   40,000   Stockholders' Equity         
Total Noncurrent Assets   240,000   Common stock   92,000     
       Retained earnings   165,000     
       Total Stockholders' Equity   257,000     
                 
Total Assets   361,000   Total Liabilities & Stockholders’ Equity   361,000