The following items are taken from the financial statements of Oriole Company at December 31, 2022. Land
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Question:
The following items are taken from the financial statements of Oriole Company at December 31, 2022.
Land | $196,000 | ||
Accounts receivable | 22,000 | ||
Supplies | 11,000 | ||
Cash | 11,800 | ||
Equipment | 82,200 | ||
Buildings | 261,000 | ||
Land improvements | 46,400 | ||
Notes receivable (due in 2023) | 5,700 | ||
Accumulated depreciation—land improvements | 12,700 | ||
Common stock | 71,500 | ||
Retained earnings (December 31, 2022) | 505,000 | ||
Accumulated depreciation—buildings | 34,400 | ||
Accounts payable | 9,000 | ||
Mortgage payable | 91,700 | ||
Accumulated depreciation—equipment | 18,700 | ||
Interest payable | 3,300 | ||
Income taxes payable | 14,500 | ||
Patents | 47,400 | ||
Investments in stock (long-term) | 72,800 | ||
Debt investments (short-term) | 4,500 |
Prepare a classified balance sheet. Assume that $10,200 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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