Question

In: Accounting

The following items are taken from the financial statements of Sheridan Company at December 31, 2022....

The following items are taken from the financial statements of Sheridan Company at December 31, 2022.

Land $196,500

Accounts receivable 22,600

Supplies 10,700

Cash 12,050

Equipment 84,000

Buildings 263,000

Land improvements 46,250

Notes receivable (due in 2023) 5,400

Accumulated depreciation—land improvements 13,100

Common stock 76,000

Retained earnings (December 31, 2022) 491,000

Accumulated depreciation—buildings 33,300

Accounts payable 9,900

Mortgage payable 103,950

Accumulated depreciation—equipment 18,950

Interest payable 4,000

Income taxes payable 14,700

Patents 46,700

Investments in stock (long-term) 72,400

Debt investments (short-term) 5,300

Prepare a classified balance sheet. Assume that $10,000 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)

Expert Solution

ekkarill92 answered 2 years ago

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