Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr -

image text in transcribedimage text in transcribed

At December 31, 2019, the partial adjusted accounts for Ozark Ltd. included the following: Accounts payable Accounts receivable Accumulated depr - Building Accumulated depr - Furniture AFDA Bank loan payable Building Cash Common shares Cost of goods sold (COGS) Dividends $40,000 $95,000 $35,000 $20,000 $9,000 $220,000 $150,000 $45,000 $38,000 $180,000 $10,000 Furniture Income tax expense Income taxes payable Insurance expense Inventory Land Prepaid expenses Retained earnings Salaries payable Unearned revenue Utilities $160,000 $4,000 $17,000 $6,000 $25,000 $370,000 $2,500 $? $3,000 $12,000 $3,500 Notes: Assume that $70,000 of the bank loan payable will be paid in 2020. All accounts are in their normal balance. The above is not the full trial balance of Ozark Ltd. Required (parts a, b, c, d, e & f): Use the information above to answer the following questions. In essence you are to prepare a classified balance sheet (statement of financial position) for December 31, 2019. Please show all your calculations for full marks. Please show totals for each section. If you were to prepare the balance sheet (statement of financial position) in good form, would the date be for the year ended December 31, 2019 or as at December 31, 2019? b) Prepare the current assets section of the balance sheet (statement of financial position) in order of liquidity. Prepare the non-current (long-term) assets section of the balance sheet (statement of financial position) d) Prepare the current liabilities section of the balance sheet (statement of financial position) in order of liquidity. Prepare the non-current (long-term) liabilities section of the balance sheet (statement of financial position)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

=+function g such that A[ x (0, 1): f(x) + g(x)]

Answered: 1 week ago