Prepare a classified balance sheet in good form. (No monetary amounts are to be shown). Presented below

Question:

Prepare a classified balance sheet in good form. (No monetary amounts are to be shown).

Presented below is a list of accounts in alphabetical order.

Accounts Receivable

Accrued Wages

Accumulated Depreciation - buildings

Accumulated Depreciation - Equipment

Advances to Employees

Advertising Expenses

Allowance for Doubtful Accounts

Bond Sinking fund

Bonds Payable

Building

Cash in Bank

Cash on Hand

Cash Surrender Value of Life Insurance

Commission Expense

Common Stock

Dividends Payable

Equipment

Gain on Sale of Equipment

Interest Payable

Inventory - Beginning

Inventory - Ending

Land

Land for Future Plant Sale

Loss from Flood

Notes Payable (due next year)

Patent

Payroll Taxes Payable

Pension Obligations

Petty Cash

Preferred Stock

Premium on Bonds Payable

Paid-in Capital in Excess of Par - Preferred Stock

Prepaid Rent

Purchases

Purchase Returns and Allowances

Retained Earnings

Sales

Sales Discounts

Sales Salaries

Trading Securities

Transportation-in

Treasury Stock (at cost)

Unearned Subscriptions Revenue

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...