Question

The following information is available for Elwes Company for the year ended

December 31, 2017:

Accounts payable	$ 3,800
Accumulated depreciation-equipment	4,000
Common stock	5,000
Retain earnings	4,300
Intangible assets	2,300
Notes payable (due in 5 years)	5,000
Accounts receivable	1,500
Cash	2,800
Short-term investments	1,000
Equipment	8,800
Long-term investments	5,700

Instructions

Use the above information to prepare a classified balance sheet in good format for the year ended December 31, 2017.

Answer 1

Ans:

Balance sheet of Elwes company for December 31.2017
Current liabilities		Current Assets
Accounts payable	3800	Cash	2800
Total current liabilities (D)	3800	Short term investments	1000
		Account receivable	1500
Non current liabities		Total current assets(A)	5300
Notes payable (E )	5000
Total liabilities (D+E) = F	8800	Long term investments (B)	5700
Equity		Fixed assets
Common stock	5000	Equipment	8800
retained earnings	4300	Less: accumulated depreciation for equipment	-4000
Total Equity (G)	9300	Net Equipment	4800
		Intangible assets	2300
		Total fixed assets ©	7100
Total liabilities and Equity (F+G)	18100	Total assets (A+B+C)	18100