Use the following information to prepare a classified balance sheet for Alpha Co. at the end of

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Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1.

Accounts receivable ........................................$26,500
Accounts payable ............................................ 12,200
Cash ................................................................... 20,500
Common stock ................................................. 30,000
Land ................................................................... 10,000
Long-term notes payable .................................17,500
Merchandise inventory .....................................26,300
Retained earnings ............................................ 23,600


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...
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Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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