Selected accounts from Lue Co.s adjusted trial balance for the year ended December 31 follow. Prepare a
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Selected accounts from Lue Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
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Total equity .. Equipment Salaries payable Accounts receivable Cash .... Current portion of long-term debt Notes payable (due in 6 years) Employee federal income taxes payable Federal unemployment taxes payable FICA-Medicare taxes payable . FICA-Social Security taxes payable . Employee medical insurance payable State unemployment taxes payable Sales tax payable (due in 2 weeks) $9,000 ..... $30,000 40,000 34,000 5,100 50,000 4,000 10,000 200 725 3,100 2,000 1,800 275
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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