The following data pertain to Wagoner Company: Accounts Payable, $20,400; Accounts Receivable, $15,200; Accumulated DepreciationBuilding, $5,600; Accumulated

Question:

The following data pertain to Wagoner Company: Accounts Payable, $20,400; Accounts Receivable, $15,200; Accumulated Depreciation—Building, $5,600; Accumulated Depreciation—Equipment, $6,800; Bonds Payable, $24,000; Building, $28,000; Cash, $12,480; Copyright, $2,480; Equipment, $60,800; Inventory, $16,000; Investment in Corporate Securities (long-term), $8,000; Investment in Six-Month Government Securities, $6,560; Y. Wagoner, Capital, $95,280; Land, $3,200; Prepaid Rent, $480; and Revenue Received in Advance, $1,120. Prepare a classified balance sheet at December 31, 2014. Assume that this is Wagoner’s first year of operations.

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...