Prepare a classified Balance Sheet in good form for Burchette Industries. [hint: use the Concept Review...

  

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Prepare a classified Balance Sheet in good form for Burchette Industries. [hint: use the Concept Review Exercise on page 119 as an example] Problem 3 Cash Burchette Industries Post-Closing Trial Balance December 31, 2024 Accounts Investment in Equity Securities Accounts Receivable Inventory Prepaid Insurance (next 9 months) Land Buildings Accumulated Depreciation: Buildings Equipment Accumulated Depreciation: Equipment Patent (net) Accounts Payable Notes Payable Interest Payable Bonds Payable Common Stock Retained Earnings $ in un nunnun $ $ $ $ $ $ $ in $ Debits 45,000 110,000 60,000 200,000 9,000 90,000 420,000 110,000 10,000 $ $ $ in in Credits 75,000 $ 130,000 20,000 240,000 $ $ 300,000 $ 129,000 $ 1,054,000 $ 1,054,000 $ 100,000 60,000 Additional Information: 1) Common Stock account represents 100,000 shares of no par common stock issued and outstanding. Burchette Industries has 500,000 shares authorized. 2) The Accounts Receivable balance is net of an allowance for uncollectible accounts of $8,000. 3) The Cash account includes $15,000 of restricted funds to pay bonds payable that mature in 2027 and $23,000 restricted in a 3-month Treasury bill. 4) The Land account includes unused land with a cost basis of $25,000 that is currently for sale. 5) The Investment in Equity Securities account includes a $30,000 investment in the common stock of another corporation. Management intends to hold the investment for at least 3 years. The remaining $80,000 of this investment account is intended to be sold within the next year. 6) Notes Payable consists of the following notes: - A $50,000 note due in 6 years. - A $30,000 note due in 6 months. - A $50,000 note due in 5 annual installments of $10,000; the next installment is due 2/15/2025. Prepare a classified Balance Sheet in good form for Burchette Industries. [hint: use the Concept Review Exercise on page 119 as an example] Problem 3 Cash Burchette Industries Post-Closing Trial Balance December 31, 2024 Accounts Investment in Equity Securities Accounts Receivable Inventory Prepaid Insurance (next 9 months) Land Buildings Accumulated Depreciation: Buildings Equipment Accumulated Depreciation: Equipment Patent (net) Accounts Payable Notes Payable Interest Payable Bonds Payable Common Stock Retained Earnings $ in un nunnun $ $ $ $ $ $ $ in $ Debits 45,000 110,000 60,000 200,000 9,000 90,000 420,000 110,000 10,000 $ $ $ in in Credits 75,000 $ 130,000 20,000 240,000 $ $ 300,000 $ 129,000 $ 1,054,000 $ 1,054,000 $ 100,000 60,000 Additional Information: 1) Common Stock account represents 100,000 shares of no par common stock issued and outstanding. Burchette Industries has 500,000 shares authorized. 2) The Accounts Receivable balance is net of an allowance for uncollectible accounts of $8,000. 3) The Cash account includes $15,000 of restricted funds to pay bonds payable that mature in 2027 and $23,000 restricted in a 3-month Treasury bill. 4) The Land account includes unused land with a cost basis of $25,000 that is currently for sale. 5) The Investment in Equity Securities account includes a $30,000 investment in the common stock of another corporation. Management intends to hold the investment for at least 3 years. The remaining $80,000 of this investment account is intended to be sold within the next year. 6) Notes Payable consists of the following notes: - A $50,000 note due in 6 years. - A $30,000 note due in 6 months. - A $50,000 note due in 5 annual installments of $10,000; the next installment is due 2/15/2025.

Answer rating: 100% (QA)

Calculations Assets Current Assets Cash 45000 Accounts Receivable 60000 Inventory 200000 Prepaid Insurance next 9 months 9000 Restricted Cash Note 3 3... View the full answer