Prepare a classified balance sheet in good form. (No monetary amounts are to be shown). Presented below
Question:
Prepare a classified balance sheet in good form. (No monetary amounts are to be shown).
Presented below is a list of accounts in alphabetical order.
Accounts Receivable
Accrued Wages
Accumulated Depreciation - buildings
Accumulated Depreciation - Equipment
Advances to Employees
Advertising Expenses
Allowance for Doubtful Accounts
Bond Sinking fund
Bonds Payable
Building
Cash in Bank
Cash on Hand
Cash Surrender Value of Life Insurance
Commission Expense
Common Stock
Copyright
Dividends Payable
Equipment
Gain on Sale of Equipment
Interest Payable
Inventory - Beginning
Inventory - Ending
Land
Land for Future Plant Sale
Loss from Flood
Notes Payable (due next year)
Patent
Payroll Taxes Payable
Pension Obligations
Petty Cash
Preferred Stock
Premium on Bonds Payable
Paid-in Capital in Excess of Par - Preferred Stock
Prepaid Rent
Purchases
Purchase Returns and Allowances
Retained Earnings
Sales
Sales Discounts
Sales Salaries
Trading Securities
Transportation-in
Treasury Stock (at cost)
Unearned Subscriptions Revenue
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:
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield