Victhom Bionics showed the following alphabetized unadjusted trial balance at April 30, 2014: Account...................Balance Accounts payable ..........................................................

Question:

Victhom Bionics showed the following alphabetized unadjusted trial balance at April 30, 2014:

Account...................Balance

Accounts payable .......................................................... $ 4,860

Accounts receivable ...................................................... 16,200

Accumulated depreciation, furniture............................. 10,080

Accumulated depreciation, machinery.......................... 20,088

Allowance for doubtful accounts........................................ 900

Cash................................................................................... 9,000

Expenses.......................................................................... 88,200

Furniture.......................................................................... 21,600

Josh Victhom, capital..................................................... 22,572

Josh Victhom, withdrawals............................................. 82,800

Machinery........................................................................ 48,600

Note payable.................................................................... 13,500

Patent ............................................................................... 21,600

Prepaid rent ..................................................................... 12,960

Revenues........................................................................ 223,200

Unearned revenue............................................................... 5,760

Other information:

a. All accounts have normal balances.

b. The furniture was depreciated using the straight-line method and had a useful life of five years and residual value of zero.

c. The machinery was depreciated using the double-declining-balance method and had a useful life of 10 years and residual value of $27,000.

d. The patent was purchased on November 2, 2013, and is expected to be used for 15 years, after which it will have no value.

e. The balance in Prepaid Rent represents rent from June 1, 2013, to May 31, 2014.

f. $5,400 of the note payable will be paid by April 30, 2015.

Required

Prepare a classified balance sheet at April 30, 2014.

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...