Question

Instructions Prepare a classified balance sheet in good form as of December 31, 2020. (Not all items listed are needed to complete this problem.) Upload your completed template when you are finished.

Bonds payable(due 2024)	$1,443	Accumulated depreciation-equipment	$3,655
Prepaid insurance	880	Accounts payable	1,444
Equipment	11,500	Notes payable (due 2025)	368
Long-term investments	764	N. Richman, Capital	15,563
Short-term investments	3,690	Accounts receivable	2,696
Notes payable (due 2021)	981	Inventory	1,756
Cash	3,168	Consulting revenues	17,500
Salaries expense	7,225	Rent expense	4,500
Unearned revenue	2,000	Copyrights	1,000

Answer 1

BALANCE SHEET
Assets
Current Assets
Cash		3,168.00
Accounts Receivable		2,696.00
Inventory		1,756.00
Prepaid Insurance		880.00
Short-term investments		3,690.00
Total Current Assets		12,190.00
Long Term Investments		764.00
Property, plant and equipment
Equipment		11,500.00
Accumulated depreciation-equipment		-   3,655.00
		7,845.00
Intangible Assets
Copyrights		1,000.00
Total Assets		21,799.00
Liabilities and Shareholders Equity
Current liabilities
Notes payable (due 2021)		981.00
Unearned revenue		2,000.00
Accounts payable		1,444.00
Total Current Liabilities		4,425.00
Long-term liabilities
Bonds payable(due 2024)		1,443.00
Notes payable (due 2025)		368.00
Total liabilities		6,236.00
Shareholders Equity
N. Richman, Capital		15,563.00
Total Liabilities and Shareholders Equity		21,799.00