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7. Using the following data, prepare a classified balance sheet for Blanchard Company as of December 31, 20x5. Cash $ 200 Accumulated Depreciation Building $

7. 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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