Question

In: Accounting

Selected accounts from Lue Co.’s adjusted trial balance for the year ended December 31 follow. Prepare...

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

Total equity $ 31,000 Employee federal income taxes payable $ 9,800
Equipment 41,000 Federal unemployment taxes payable 310
Salaries payable 35,000 FICA—Medicare taxes payable 510
Accounts receivable 7,300 FICA—Social Security taxes payable 3,700
Cash 53,100 Employee medical insurance payable 3,000
Current portion of long-term debt 5,000 State unemployment taxes payable 2,700
Notes payable (due in 6 years) 10,000 Sales tax payable (due in 2 weeks) 380

Solutions

Expert Solution

Answer : Preparation of Classified balance sheet of Lue Co.'s as on December 31

LUE CO.
BALANCE SHEET
December 31
ASSETS
Current asset :
    Cash $     53,100
    Accounts receivable $       7,300
Total current asset $     60,400
Plant assets :
     Equipment $     41,000
Total assets $   101,400
LIABILITIES
Current liabilities :
    Salaries payable $     35,000
    Current Portion of Long term debt $       5,000
    Employee federal income taxes payable $       9,800
    Federal unemployment taxes payable $           310
    FICA-medicare taxes payable $           510
    FICA-Social security taxes payable $       3,700
    Employee medical insurance payable $       3,000
    State unemployment taxes payable $       2,700
    Sales tax payable (due in two weeks) $           380
Total current liabilites $     60,400
Long term liabilities :
    Note payable (due in 6 years) $     10,000
Total liabilities $     70,400
Equity
Total equity $     31,000
Total liabilities and equity $   101,400

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