Question

Below is the account information for UMPI Corporation. Prepare a classified balance sheet in report form for the company as of December 31, 2018. Prepare a balance sheet as of December 31, 2020.

Equipment 60,000

Interest Payable 250

Retained Earnings ?

Dividends Payable 50,000

Land 140,000

Accounts Receivable 102,000

Bonds Payable (long-term) 78,000

Notes Payable (due in 6 months) 29,000

Common Stock 70,000

Accumulated Depreciation - Equip. 10,000

Prepaid Advertising 5,000

Buildings 80,000

Supplies 1,000

Income Taxes Payable 3,000

Salaries and Wages Payable 900

A/D - Building 15,000

Cash 95,000

Answer 1

UMPI Corporation
Classified Balance sheet as of December 31, 2018
	$
ASSETS
Current Assets
Cash	95,000
Accounts receivables	102,000
Supplies	1,000
Prepaid Advertising	5,000
Total current assets	203,000
Fixed Assets
Land	140,000
Buildings	80,000
Accumulated depreciation	-15,000
Equipment	60,000
Accumulated depreciation	-10,000
Total non-current assets	255,000
Total Assets	458,000
LIABILITIES AND EQUITY
Current liabilities
Notes Payable- due in six months	29,000
salaries payable	900
Interest payable	250
Income tax payable	3,000
Dividend payable	50,000
Total current liabilities	83,150
Long term Liabilities
Bonds payable (long-term)	78,000
Total Long term Liabilities	78,000
Shareholders' Equity
Common stock	70,000
Retained earnings	226,850
Total Shareholders' Equity	296,850
Total liabilities and equity	458,000