Question

Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3:

Accounts Payable	$	110,660		Retained Earnings		56,600
Equipment		423,500		Notes Payable, due Year 5		345,100
Common Stock		209,500		Accounts Receivable		204,400
Income Tax Payable		4,090		Cash		98,050

Prepare a classified balance sheet at December 31, Year 3.

Answer 1

Balance sheet of Evan McGruder, Inc., as on Dec 31 , Year 3:

Assets	Amount	Liabilities	Amount
Current Assets	$ 302,450.00	Current Liabilities	$ 114,750.00
Account Receivable	$ 204,400.00	Accounts Payable	$ 110,660.00
Cash	$    98,050.00	Income Tax payable	$      4,090.00
Non Current Assets	$ 423,500.00	Non Current Liabilities	$ 345,100.00
Equipment	$ 423,500.00	Note Payables due year5	$ 345,100.00
		Equity	$ 266,100.00
		Common Stock	$ 209,500.00
		Retained Earnings	$    56,600.00
Total Assets	$ 725,950.00	Total Equity & liabilities	$ 725,950.00