Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1.
Question:
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1. Common Stock.
2. Discount on Bonds Payable.
3. Treasury Stock (at cost).
4. Notes Payable, short-term.
5. Raw Materials.
6. Preferred Stock Investments—Long-term.
7. Unearned Rent Revenue.
8. Work in Process.
9. Copyrights.
10. Buildings.
11. Notes Receivable (short-term).
12. Cash.
13. Accrued Salaries Payable.
14. Accumulated Depreciation—Buildings.
15. Cash Restricted for Plant Expansion.
16. Land Held for Future Plant Site.
17. Allowance for Doubtful Accounts—Accounts Receivable.
18. Retained Earnings.
19. Premium on Common Stock.
20. Unearned Subscriptions Revenue.
21. Receivables—Officers (due in one year).
22. Finished Goods.
23. Accounts Receivable.
24. Bonds Payable (due in 4 years).
Instructions
Prepare a classified balance sheet in good form (no monetary amounts are necessary).
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...
Step by Step Answer:
Denis Savard Inc Balance Sheet December 31 2008 Assets Current assets Cash XXX Less cash restricted ...View the full answer
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
