In: Accounting
These items are taken from the financial statements of Longhorn Co. at December 31, 2017.
Buildings | $105,800 |
Accounts receivable | 12,600 |
Prepaid insurance | 3,200 |
Cash | 11,840 |
Equipment | 82,400 |
Land | 61,200 |
Insurance expense | 780 |
Depreciation expense | 5,300 |
Interest expense | 2,600 |
Common stock | 60,000 |
Retained earnings (January 1, 2017) | 40,000 |
Accumulated depreciation—buildings | 45,600 |
Accounts payable | 9,500 |
Notes payable | 93,600 |
Accumulated depreciation—equipment | 18,720 |
Interest payable | 3,600 |
Service revenue | 14,700 |
Instructions
Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.