Styles Unlimited reported the following information at January 31. Accounts payable .............$ 250 Accounts receivable ............1,057 Accrued
Question:
Styles Unlimited reported the following information at January 31.
Accounts payable .............$ 250
Accounts receivable ............1,057
Accrued expenses (current) ......... 348
Cash and equivalents ........... 321
Contributed capital .............. 319
Deferred income taxes (liabilities) ...... 275
Income taxes payable (current) ........ 93
Inventories ................ 734
Long-term debt ............... 650
Other current assets ............ 109
Other current liabilities ............ 16
Other long-term assets ........... 248
Other long-term liabilities ........... 61
Property and equipment, net of depreciation ...1,667
Retained earnings, net of adjustments .....2,124
Accrued expenses are current liabilities. Deferred income taxes are long-term liabilities. Use the information provided to prepare a balance sheet for Styles Unlimited in good form.
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:
Styles Unl imited Balance Sheet January 31 Assets Current assets Cash and equivalents 321 Accounts r...View the full answer
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
