Assume that Gulistan Inc. has the following accounts at the end of the current year. 1. Common

Question:

Assume that Gulistan 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. Salaries and Wages 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. Paid-in Capital in Excess of Par—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 in good form. (No monetary amounts are necessary.)

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...