3 Book rint 0 rences Adams Company reports the following balance sheet accounts as of December...

   

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3 Book rint 0 rences Adams Company reports the following balance sheet accounts as of December 31. $7,000 Retained earnings 71,000 Notes payable (due in 9 years) 8,000 office supplies Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Total equity Total liabilities and equity ADAMS COMPANY Balance Sheet December 31 Assets 16,000 Land 20,000 Accumulated depreciation-Building 5,000 Mortgages payable (due in 5 years) 14,000 Cash 30,000 Liabilities Equity $ $ 0 Check my worl 0 0 0 0 3 Book rint 0 rences Adams Company reports the following balance sheet accounts as of December 31. $7,000 Retained earnings 71,000 Notes payable (due in 9 years) 8,000 office supplies Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities Total equity Total liabilities and equity ADAMS COMPANY Balance Sheet December 31 Assets 16,000 Land 20,000 Accumulated depreciation-Building 5,000 Mortgages payable (due in 5 years) 14,000 Cash 30,000 Liabilities Equity $ $ 0 Check my worl 0 0 0 0

Answer rating: 100% (QA)

Particulars Current assets Cash Accounts receivable Merchandise ... View the full answer