Question

Using the account balance below, prepare a classified balance sheet for the JAN Corporation for the year ending 2016
Accounts	Balances
Cash	2,100
Notes payable	5,000
Petty Cash	100
Temporary investments	10,000
Accounts payable	35,900
Accounts Receivable	44,500
Allowance for A/R	4,000
Wages payable	8,500
Interest payable	2,900
Taxes Payable	6,100
Notes Payable	20,000
Land	5,500
Land improvements	6,500
Goodwill	105,000
Trade names	200,000
Common Stock	110,000
Retained earnings	220,000
Unearned revenues	1,500
Equipment	201,000
Accumulated deprecaition	56,000
Supplies	3,800
Inventory	31,000
Warranty liability	1,100
Accumulated other comprehensive income	9,000
Bonds payable	400,000
Treasury Stock	50,000
Buildings	180,000
Investments	36,000
Prepaid Insurance	1,500
Other assets	3,000

Answer 1

JAN Corporation
Balance Sheet
for the Year ended 2016
ASSETS
Current Assets
Cash		$    2,100.00
Petty Cash		$       100.00
Temporary investments		$ 10,000.00
Accounts Receivable	$                    44,500.00
	$                    (4,000.00)	$ 40,500.00
Supplies		$    3,800.00
Inventory		$ 31,000.00
Prepaid Insurance		$    1,500.00
Other assets		$    3,000.00
Total Current Assets		$    92,000.00
Investments		$    36,000.00
Treasury Stock		$    50,000.00
Plant and intangible Assets
Land		$      5,500.00
Land improvements		$      6,500.00
Goodwill		$ 105,000.00
Trade names		$ 200,000.00
Equipment	$                  201,000.00
	$                  (56,000.00)	$ 145,000.00
Buildings		$ 180,000.00
		$ 642,000.00
Total Assets		$ 820,000.00
Liabilities
Current Liabilities
Accounts payable		$ 35,900.00
Wages payable		$    8,500.00
Interest payable		$    2,900.00
Taxes Payable		$    6,100.00
Unearned revenues		$    1,500.00
Notes Payable		$ 25,000.00
Warranty liability		$    1,100.00
Total Current Liabilities		$ 81,000.00
Long Term Liabilities
Bonds payable		$ 400,000.00
Equity
Common Stock		$ 110,000.00
Retained earnings	$             220,000.00
Accumulated other comprehensive income	$                9,000.00	$ 229,000.00
Total Equity		$ 339,000.00
Total Liabilities		$ 820,000.00