Use the following information to prepare a classified balance sheet for Watkins Co. at the end of2013

Question:

Use the following information to prepare a classified for Watkins Co. at the end of 2013
Accounts receivable ....... $24,300
Accounts payable ........ 11,000
Cash .............. 21,300
Common stock .......... 24,000
Land ............. 15,000
Long-term notes payable ....... 18,500
Merchandise inventory ...... 27,000
Retained earnings ........ 34,100

Balance Sheet
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...