Exercise 2-05 These items are taken from the financial statements of Sheridan Company at December 31,...

Exercise 2-05 These items are taken from the financial statements of Sheridan Company at December 31, 2022. Buildings $97,336 Accounts receivable 11,592 Prepaid insurance 2,944 Cash 10,893 Equipment 75,808 Land 56,304 Insurance expense 718 Depreciation expense 4,876 Interest expense 2,392 Common stock 55,200 Retained earnings (January 1, 2022) 36,801 Accumulated depreciation—buildings 41,952 Accounts payable 8,740 Notes payable 86,112 Accumulated depreciation—equipment 17,222 Interest payable 3,312 Service revenue 13,524 Prepare a classified balance sheet. Assume that $12,512 of the note payable will be paid in 2023. (List Current Assets in order of liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.)

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ekkarill92 answered 2 years ago

Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31,...

Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31, 2022. Buildings $116,380 Accounts receivable 13,860 Prepaid insurance 3,520 Cash 13,024 Equipment 90,640 Land 67,320 Insurance expense 858 Depreciation expense 5,830 Interest expense 2,860 Common stock 66,000 Retained earnings (January 1, 2022) 44,000 Accumulated depreciation—buildings 50,160 Accounts payable 10,450 Notes payable 102,960 Accumulated depreciation—equipment 20,592 Interest payable 3,960 Service revenue 16,170 Prepare a classified balance sheet. Assume that $14,960 of the note payable will...

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)...

Exercise These items are taken from the financial statements of Marigold Corp. at December 31, 2017....

Exercise These items are taken from the financial statements of Marigold Corp. at December 31, 2017. Buildings $88,872 Accounts receivable 10,584 Prepaid insurance 2,688 Cash 9,946 Equipment 69,216 Land 51,408 Insurance expense 655 Depreciation expense 4,452 Interest expense 2,184 Common stock 50,400 Retained earnings (January 1, 2017) 33,600 Accumulated depreciation—buildings 38,304 Accounts payable 7,980 Notes payable 78,624 Accumulated depreciation—equipment 15,725 Interest payable 3,024 Service revenue 12,348 Prepare a classified balance sheet. Assume that $11,424 of the note payable will be...

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

The following items are taken from the financial statements of Ivanhoe Company at December 31, 2022. Land $197,900 Accounts receivable 22,000 Supplies 10,200 Cash 12,050 Equipment 82,100 Buildings 261,200 Land improvements 45,900 Notes receivable (due in 2023) 6,200 Accumulated depreciation—land improvements 12,700 Common stock 80,000 Retained earnings (December 31, 2022) 495,000 Accumulated depreciation—buildings 33,600 Accounts payable 9,800 Mortgage payable 91,900 Accumulated depreciation—equipment 18,950 Interest payable 3,400 Income taxes payable 15,500 Patents 46,700 Investments in stock (long-term) 71,300 Debt investments (short-term)...

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

The following items are taken from the financial statements of Cullumber Company at December 31, 2022. Land $196,500 Accounts receivable 21,300 Supplies 10,100 Cash 12,000 Equipment 83,100 Buildings 261,400 Land improvements 46,250 Notes receivable (due in 2023) 5,100 Accumulated depreciation—land improvements 13,100 Common stock 73,500 Retained earnings (December 31, 2022) 502,000 Accumulated depreciation—buildings 34,200 Accounts payable 9,300 Mortgage payable 90,150 Accumulated depreciation—equipment 18,700 Interest payable 3,800 Income taxes payable 15,200 Patents 47,100 Investments in stock (long-term) 72,200 Debt investments (short-term)...

These items are taken from the financial statements of Sunland Company at December 31, 2017. Buildings...

These items are taken from the financial statements of Sunland Company at December 31, 2017. Buildings $ 107,916 Accounts receivable 12,852 Prepaid insurance 3,264 Cash 12,077 Equipment 84,048 Land 62,424 Insurance expense 796 Depreciation expense 5,406 Interest expense 2,652 Common stock 61,200 Retained earnings (January 1, 2017) 40,801 Accumulated depreciation—buildings 46,512 Accounts payable 9,690 Notes payable 95,472 Accumulated depreciation—equipment 19,094 Interest payable 3,672 Service revenue 14,994 Prepare a classified balance sheet. Assume that $ 13,872 of the note payable will...

These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings...

These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings $122,728 Accounts receivable 14,616 Prepaid insurance 3,712 Cash 13,734 Equipment 95,584 Land 70,992 Insurance expense 905 Depreciation expense 6,148 Interest expense 3,016 Common stock 69,600 Retained earnings (January 1, 2017) 46,400 Accumulated depreciation—buildings 52,896 Accounts payable 11,020 Notes payable 108,576 Accumulated depreciation—equipment 21,715 Interest payable 4,176 Service revenue 17,052 Prepare a classified balance sheet. Assume that $15,776 of the note payable will be paid...

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

The following items are taken from the financial statements of Oriole Company at December 31, 2022. Land $196,000 Accounts receivable 22,000 Supplies 11,000 Cash 11,800 Equipment 82,200 Buildings 261,000 Land improvements 46,400 Notes receivable (due in 2023) 5,700 Accumulated depreciation—land improvements 12,700 Common stock 71,500 Retained earnings (December 31, 2022) 505,000 Accumulated depreciation—buildings 34,400 Accounts payable 9,000 Mortgage payable 91,700 Accumulated depreciation—equipment 18,700 Interest payable 3,300 Income taxes payable 14,500 Patents 47,400 Investments in stock (long-term) 72,800 Debt investments (short-term)...

Exercise 2-06 The following items are taken from the financial statements of Sandhill Co. at December...

Exercise 2-06 The following items are taken from the financial statements of Sandhill Co. at December 31, 2022. Land $195,900 Accounts receivable 21,500 Supplies 9,300 Cash 12,100 Equipment 83,400 Buildings 263,200 Land improvements 45,700 Notes receivable (due in 2023) 5,300 Accumulated depreciation—land improvements 13,100 Common stock 72,500 Retained earnings (December 31, 2022) 505,000 Accumulated depreciation—buildings 34,300 Accounts payable 9,600 Mortgage payable 86,650 Accumulated depreciation—equipment 18,950 Interest payable 3,900 Income taxes payable 15,700 Patents 47,700 Investments in stock (long-term) 71,100 Debt...

These items are taken from the financial statements of Sandhill Co. at December 31, 2022. Buildings...

These items are taken from the financial statements of Sandhill Co. at December 31, 2022. Buildings $126,960 Accounts receivable 15,120 Prepaid insurance 3,840 Cash 14,208 Equipment 98,880 Land 73,440 Insurance expense 936 Depreciation expense 6,360 Interest expense 3,120 Common stock 72,000 Retained earnings (January 1, 2022) 48,000 Accumulated depreciation—buildings 54,720 Accounts payable 11,400 Notes payable 112,320 Accumulated depreciation—equipment 22,464 Interest payable 4,320 Service revenue 17,640 Prepare a classified balance sheet. Assume that $16,320 of the note payable will be paid...

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