Question
4. Using the following data, prepare a classified balance sheet for Blanchard Company as of December 31, 20x5. Cash $ 200 Accumulated Depreciation Building $
4. Using the following data, prepare a classified balance sheet for Blanchard Company as of December 31, 20x5.
Cash | $ 200 | Accumulated Depreciation Building | $ 1,000 | |
Investments in Short-Term Government Securities | 400 | Franchise | 1,800 | |
Accounts Receivable | 800 | Accounts Payable | 1,600 | |
Inventory | 3,000 | Revenues Received in Advance | 400 | |
Prepaid Rent | 100 | Notes Payable (in two years) | 4,000 | |
Investment in Land Held for future use | 2,700 | Common Stock | 12,000 | |
Land | 2,000 | |||
Building | 8,000 |
ANS:
Blanchard Company | ||||
Balance Sheet | ||||
December 31, 20x5 | ||||
Assets | ||||
Current assets | ||||
Cash | $ | |||
Investments in short-term government securities | ||||
Accounts receivable | ||||
Inventory | ||||
Prepaid rent | ||||
Total current assets | $ | |||
Investments | ||||
Land held for future use | ||||
Property, plant, and equipment | ||||
Land | $ | |||
Building | $ | |||
Less accumulated depreciation | ||||
Total property, plant, and equipment | ||||
Intangible assets | ||||
Franchise | ||||
Total assets | $ | |||
Liabilities | ||||
Current liabilities | ||||
Accounts payable | $ | |||
Revenues received in advance | ||||
Total current liabilities | $ | |||
Long-term liabilities | ||||
Notes payable (in two years) | ||||
Total liabilities | $ | |||
Stockholders' Equity | ||||
Common stock | ||||
Total liabilities and stockholders' equity | $ | |||
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