accounts payable $10,600 accounts receivable $11,100 accumulated depreciation $24,000 advertising expense $19,600 cash $46,500 common stock...

accounts payable	$10,600
accounts receivable	$11,100
accumulated depreciation	$24,000
advertising expense	$19,600
cash	$46,500
common stock	$30,000
cost of goods sold	355,500
dividends	5,000
depreciation expense	9,000
equipment	175,000
income tax expense	19,875
income tax payable	-
insurance expense	4,500
interest expense	3,600
interest revenue	2,500
inventory	29,000
notes payable (due in 9 months)	15,000
prepaid insurance	3,625
rent expense	24,000
retained earnings (beg. bal)	91,000
salaries expense -gen/admin	20,000
salaries expense-selling	34,000
sales revenue	605,100
utilities expense	18,000

What would the classified balance sheet in good form look like?

Expert Solution

Classified Balance Sheet		Amount in $
Assets
Non-Current Assets
Equipment	175,000
Less: Accumulated Depreciation	24,000	151,000

Current Assets
Cash		46,500
Accounts Receivable		11,100
Prepaid Insurance		3,625
Inventory		29,000

Total Assets		241,225
Current Liabilities
Accounts Payable		10,600
Note payable ( due in 9 months )		15,000

Stockholder's Equity
Common Stock		30,000
Retained earnings		185,525
(91,000 + *99,525 - 5,000 )

Total Liabilities & Stockholder's Equity		241,125

Working

*Net income	99,525
(605,100-18,000-34,000-20,000-24,000+2,500-3,600-4,500-19,875-9,000-355,500-19,600 )

ekkarill92 answered 3 years ago

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