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

Expert Solution

ekkarill92 answered 1 year ago

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