Question

In: Accounting

Presented below is a list of balance sheet accounts. Accounts payable Land (in use) Accounts receivable...

Presented below is a list of balance sheet accounts.

Accounts payable Land (in use)

Accounts receivable

Long-term investments

Accumulated depreciation—buildings

Notes payable (due in 6 months)

Accumulated depreciation—equipment

Notes receivable (due in 2 years)

Allowance for uncollectible accounts

Patent Bonds payable (due in 10 years)

Preferred stock Buildings

Prepaid expenses

Cash

Rent payable (current)

Common stock

Restricted cash (to be used in 10 years)

Copyright

Retained earnings

Equipment

Short-term investments

Interest receivable (due in three months)

Taxes payable

Inventories

Wages payable

Prepare a classified balance sheet ignoring monetary amounts.

Solutions

Expert Solution

Correct Answer:

Balance sheet

Assets

Amount

Current Assets

Cash

Prepaid Expenses

short term investments

Account Receivables

Less: Allowance for uncollectible accounts

interest receivables (due in 3 months)

Inventories

Total Current Assets

Fixed Assets

Long term investments

Equipment

Less: Accumulated Depreciation- Equipment

Notes receivables (due in 2 years)

Building

Less: Accumulated Depreciation-Building

Restricted cash (to be used in 10 years

Copyright

Total Assets

Total Liabilities and shareholders' Equity

Current Liabilities

Notes payable (due in 6 months)

Rent payable

Taxes payable

Wages payable

Total Current Liabilities

Patent bonds payable(due in 10 years)

Account payables Land (in use)

Total Liabilities

Shareholders’ equity

Common stock

preferred stock buildings

Retained earnings

Total Liabilities and shareholders' Equity

End of answer.

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ekkarill92 answered 1 year ago
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