Question
Babic Company's capital structure consists of 50,000 shares of common stock. At December 31, 2018 an analysis of the accounts and discussions with company officials
Babic Company's capital structure consists of 50,000 shares of common stock. At December 31, 2018 an analysis of the accounts and discussions with company officials revealed the following information:
Accounts Payable | $ 83,000 |
Accounts Receivable | 109,000 |
Accrued Liabilities | 22,000 |
Accumulated Depreciation | 326,000 |
Cash | 32,000 |
Common Stock | 107,000 |
Bank loan (long-term) | 561,000 |
Deferred Income Taxes (long-term) | 117,000 |
Equipment | 1,070,000 |
Inventory | 146,000 |
Land | 917,000 |
Marketable Securities | 11,000 |
Paid-In Capital in Excess of Par | 141,000 |
Retained Earnings | 952,000 |
Treasury Stock | 24,000 |
Required:
Using the information given, prepare a classified balance sheet in good form for Babic Company at December 31, 2018.
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