Question

Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.

Answer 1

Answer 2

LUE CO'S
BALANCE SHEET AS ON 31.DEC
Assets	Amount in $
Current Assets
Cash and cash equivalent	50000
Trade receivables	5100
Total Current assets	55100
Fixed Assets
Equiptment	40000
Total Non current Assets	40000
Total Assets	95100
Liabilities and Equities
Current liabilities
salary payable	34000
employee federal income tax payable	9000
federal unemployment tax payable	200
medicare tax payable	725
social security tax payable	3100
employee medical insurance payable	2000
state unemployment tax payable	1800
sales tax payable	275
current portion of long term debt	4000
Total current liabilities	55100
Long term Liabilities
Notes payable in 4 years	10000
Total longterm liabilities	10000
Total liabilities	65100
Shareholders Equity	30000
Total liabilities and equity	95100