The following data pertain to Branner, Inc.: Accounts Payable, $10,200; Accounts Receivable, $7,600; Accumulated DepreciationBuilding, $2,800; Accumulated

Question:

The following data pertain to Branner, Inc.: Accounts Payable, $10,200; Accounts Receivable, $7,600; Accumulated Depreciation–Building, $2,800; Accumulated Depreciation–Equipment, $3,400; Bonds Payable, $12,000; Building, $14,000; Cash, $6,240; Common Stock, $5 par, 4,000 shares authorized, issued, and outstanding, $20,000; Copyright, $1,240; Equipment, $30,400; Inventory, $8,000; Investment in Corporate Securities (long-term), $4,000; Investment in Six-Month Government Securities, $3,280; Land, $1,600; Additional Paid-in Capital, $10,000; Prepaid Rent, $240; Retained Earnings, $17,640; and Revenue Received in Advance, $560. Prepare a classified balance sheet at December 31, 2010.

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...