(1)-

Brief Exercise 3-2 Balance sheet classification [LO3-2, 3-3]

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $25,000; accounts receivable, $20,000; inventories, $34,000; equipment (net), $89,000; accounts payable, $23,000; wages payable, $9,500; interest payable, $5,500; note payable (due in 18 months), $39,000; common stock, $68,000. Calculate total current assets and total current liabilities that would appear in the company's year-end balance sheet?

Current assets

Current liabilities

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------(2)- The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $27,000; accounts receivable, $22,000; inventories, $36,000; equipment (net), $91,000; accounts payable, $25,000; wages payable, $10,500; interest payable, $6,500; note payable (due in 18 months), $41,000; common stock, $72,000. Determine the year-end balance in retained earnings for K and J Nursery, Inc?

	Retained earnings

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------(3)- The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $32,000; accounts receivable, $27,000; inventories, $41,000; equipment (net), $96,000; accounts payable, $30,000; wages payable, $13,000; interest payable, $9,000; note payable (due in 18 months), $46,000; common stock, $82,000. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $165,000. (Amounts to be deducted should be indicated by a minus sign.)

K AND J NURSERY, INC.
Balance Sheet
At December 31, 2018
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		$0
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		$0