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 in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.)

Solutions

Expert Solution

Oriole Company BALANCE SHEET AS ON December 31, 2017
Asset
cash		13734
Accounts receivable		14616
Prepaid insurance		3712
Total current asset			32062
Non current asset
Land		70992
Building	122728
less:Accumulated depreciation	(52896)	69832
Equipment	95584
Less:Accumulated depreciation -equipment	(21715)	73869
Total non current asset			214693
Total asset			246755
Liabilities and stockholders equity
Accounts payable		11020
Note payable (short term)		15776
Interest payable		4176
Total current liabilities			30972
Non current liabilities
Note payable (long term) [108576-15776]			92800
Total liabilities			123772
Stockholders equity
Common stock		69600
Retained earning **		53383
Total stockholders equity			122983
Total Liabilities and stockholders equity			246755

**Net income = Revenue -expense

= 17052-905-6148-3016

=6983

Retained earning as on December 31 =Beginning balance+net income -dividend

= 46400+6983-0

= 53383

ekkarill92 answered 1 year ago

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