Question

The December 31, 2019, post-closingtrial balancefor LikeableCorporation is presented below:DebitsCreditsCash23,000Investments (long-term)56,000Accounts receivable31,000Allowance for uncollectible accounts8,000Prepaid insurance5,000Inventory105,000Land46,000Buildings145,000Accumulated depreciation–buildings51,000Equipment134,000Accumulated depreciation–equipment31,000Patents (unamortized balance)5,500Accounts payable38,000Notes payable, due 202266,000Interest payable10,500Bonds payable, due 2031125,000Common stock (no par), 22,000 sharesauthorized, issued, and outstanding165,000Retained Prepare a classified balance sheetfor LikeableCorporation at December 31, 2019. (Enter your answers in the order of their liquidity. Negative amounts should be entered by parentheses.) earnings56,000Totals550,500550,500Required:Use templateprovided in the answer packet.Prepare a classified balance sheetfor LikeableCorporation at December 31, 2019. (Enter your answers in the order of their liquidity. Negative amounts should be entered by parentheses.)

Answer 1

Balance Sheet:

Particulars	Amount	Amount
ASSETS
Current Assets:
Cash	23,000
Inventory	105,000
Accounts Receivable	31,000
Allowance for Uncollectible Accounts	(8,000)
Prepaid Insurance	5,000
Total Current Assets		156,000
Non Current Assets:
Investments	56,000
Land	46,000
Buildings	145,000
Accumulated Depreciation - Buildings	(51,000)
Equipment	134,000
Accumulated Depreciation - Equipment	(31,000)
Patents	5,500
Total Non Current Assets		304,500
TOTAL ASSETS		460,500
LIABILITIES & EQUITY
Current Liabilities:
Accounts Payable	38,000
Interest Payable	10,500
Total Current Liabilities		48,500
Non Current Liabilities:
Notes Payable	66,000
Bonds Payable	125,000
Total Non Current Liabilities		191,000
Equity:
Common Stock	165,000
Retained Earnings	56,000
Total Equity		221,000
TOTAL LIABILITIES & EQUITY		460,500