The following items were taken from the December 31 balance sheet of Auburn Bowling Lanes: Buildings, net

Question:

The following items were taken from the December 31 of Auburn Bowling Lanes:
Buildings, net ........... $60,200
Accounts receivable ......... 14,520
Prepaid insurance ........... 4,680
Cash ................ 20,840
Equipment, net ............ 63,680
Land ................ 61,200
Mortgage payable ........... 103,040
Common stock ........... 66,000
Retained earnings .......... 40,000
Interest payable ............ 3,600
Accounts payable .......... 12,480
Required
Recreate the company's classified assuming that $13,600 of the mortgage payable balance will be paid within three months of the date. 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...