Question
1.Balance sheet Prepare a classified balance sheet in proper form. The term proper form implies the inclusion of 4 columns for classification of account titles
1.Balance sheet
Prepare a classified balance sheet in proper form. The term proper form implies the inclusion of 4 columns for classification of account titles and dollar amounts, the listing of account titles under the correct headings and in proper order. For example, current assets are listed in order of liquidity. The appropriate use of dollar signs and rulings (underscores). Strive for professionalism.
INCOME STATEMENT
Account balances: Cash-7882000 Accounts Receivable-1400000 Inventory-2798000 Allowance for doubtful accounts-40000 Prepaid Supplies- 93000 Assets held for sale- 0 Land-17500000 Buildings-7975000 Equipment-9800000 Accumulated depreciation- equipment- 5130000 accumulated depreciation- buildings- 1395000 accounts payable- 1500000 interest payable- 101250 bonds payable- 5000000 Common stock ($10 par)- 12500000 Retained earnings-13837500 unearned design revenue- 4650000 sales commissions- 2000000 Cost of goods sold- 4962500 advertising expense- 750000 rent expense- 1150000 wages expense- 4000000 supplies expense- 700750 interest expense- 201250 loss on income from discontinued operations- 300000 prepaid rent- 300000 paid in capital in excess of par- 5000000 long term notes payable- 500000 investment in ABC bonds- 2000000 investments in XYZ bonds- 300000 |
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