Question

Using the following information prepare a classified balance sheet. Make sure it is in the proper columns etc and in proper format. Accounts Payable 7,074 Accounts Receivable 72.000 Accum Depreciation-Building 1,460 Accum Depreciation-Equipt 396 Accum Depreciation Furnishings 979 Building 395,400 Cash 6,470 Equipment 62,000 Furnishings 98.000 Interest Payable 400 Land 128.000 Long Term Investments 5.700 Mortgage Payable 329,000 Mortgage Payable current portion 11.000 Notes Payable 40.000 Other Assets 11.000 Prepaid Insurance 4,400 Retained Earnings 394,841 Supplies 2.200 Vending Inventory 380 Wages Payable 400

Answer 1

Answer:

Classified Balance sheet
For the year ended
Assets			Liabilities
Current assets:			Current liabilities:
Cash		$      6,470	Account Payable	$      7,074
Accounts Receivable		$    72,000	Wages payable	$          400
Supplies		$      2,200	Interest payable	$          400
Vending inventory		$          380	Mortgage payable-current portion	$    11,000
Prepaid insurance		$      4,400
Total current assets		$    85,450	Total current liabilities	$    18,874
			Long term liabilities:
Property, plant, and equipment:
Land		$ 128,000	Mortgage payable	$ 329,000
Building	$ 395,400		Notes payable	$    40,000
Less: Accumulated Depreciation-building	$    (1,460)
Net Building		$ 393,940
Equipment	$    62,000
Less: Accumulated Depreciation-equip	$        (396)
Net Equipment		$    61,604
Furnishings	$    98,000
Less: Accumulated Depreciation-furnishings	$        (979)
Net furnishings		$    97,021	Total long term Liabilities	$ 369,000
Long term investments		$      5,700	Stockholders` Equity
Other assets		$    11,000	Common Stock	$             -
			Retained Earnings	$ 394,841
Total Long-term assets		$ 697,265	Total stockholders` equity	$ 394,841
Total Assets		$ 782,715	Total liabilities and stockholders` equity	$ 782,715