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In: Accounting

The trial balance for K and J Nursery, Inc., listed the following account balances at December...

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $24,000; accounts receivable, $19,000; inventories, $33,000; equipment (net), $88,000; accounts payable, $22,000; wages payable, $9,000; interest payable, $5,000; note payable (due in 18 months), $38,000; common stock, $66,000.

Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $155,000.

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Expert Solution

K and J Nursery, Inc.
CLASSIFIED BALANCE SHEET
AS OF DECEMBER 31, 2018
$ $
Assets
Current Assets
Cash     24,000.00
Accounts receivable     19,000.00
Inventories     33,000.00
Total current assets       76,000.00
Property, plant and equipment
Equipment 155,000.00
Less: Accumulated Depreciation (67,000.00)
Total property, plant and equipment       88,000.00
Total assets 164,000.00
Liabilities and stockholders’ equity
Current liabilities
Accounts Payable     22,000.00
Wages Payable       9,000.00
Interest Payable       5,000.00
Total Current liabilities       36,000.00
Long-term liabilities
Notes payable       38,000.00
Total liabilities       74,000.00
Stockholders’ equity
Common stock     66,000.00
Retained earnings     24,000.00
Total stockholders’ equity       90,000.00
Total liabilities and stockholders’ equity 164,000.00
Explanation
Retained earnings Calculation
Total assets 164,000.00
Less:
      Total liabilities     74,000.00
      Common stock     66,000.00
Retained earnings     24,000.00

ekkarill92 answered 2 years ago
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