Presented below is a list of balance sheet accounts in alphabetical order. Accounts payable .................. Inventories Accounts

Question:

Presented below is a list of balance sheet accounts in alphabetical order.

Accounts payable .................. Inventories

Accounts receivable ................. Land (in use)

Accumulated depreciation—buildings ...... Long-term investments

Accumulated depreciation—equipment .. Notes payable (due in 6 months)

Allowance for uncollectible accounts .. Notes receivable (due in 2 years)

Bond sinking fund .................... Patent

Bonds payable (due in 10 years) ........... Preferred stock

Buildings .................... Prepaid expenses

Cash .................... Rent payable (current)

Common stock ................... Retained earnings

Equipment ..................... Taxes payable

Interest receivable (due in three months) ........ Wages payable

Required:

Prepare a classified balance sheet ignoring monetary amounts.

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...