The adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts. Instructions
Question:
The adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts.
Instructions
(a) Prepare a classified balance sheet; assume that $20,000 of the note payable will be paid in 2018.
(b) Comment on the liquidity of the company.
Transcribed Image Text:
Debit Credit Buildings Accounts Receivable 14,520 Accumulated Depreciation-Buildings 42,600 Prepaid Insurance $128,800 Owner's Capital $115,000 4,680 Accounts Payable 18,040 Notes Payable Cash Equipment Land 12,300 97,780 62,400 Accumulated Depreciation -Equipment 18,720 3,800 67,000 Interest Payable Insurance Expense 780 Service Revenue Depreciation Expense 7,360 3,800 17,180 S307,380 Interest Expense $307,380
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a Net income 17180 780 7360 3800 5240 b Current assets exceed current liabilities by only ...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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