Question

In: Accounting

Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.

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.

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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