The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts. Instructions
Question:
Instructions
a. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2021.
b. Comment on the liquidity of the company.
Transcribed Image Text:
Debit Credit Owner's Capital Accumulated Depreciation-Buildings Accounts Payable Notes Payable Buildings Accounts Receivable $128,800 $113,000 14,520 42,600 Prepaid Insurance |Cash Equipment 4,680 18,040 12,300 97,780 Accumulated Depreciation-Equipment Interest Payable 62,400 65,000 18,720 3,800 Land Insurance Expense Depreciation Expense Interest Expense 780 Service Revenue 17,180 7,360 3,800 $305,380 $305,380
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. 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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