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can someone explain whats missing and why its wrong? Brief Exercise 3-4 (Algo) Balance sheet classification (LO3-2, 3-3) The trial balance for K and J
can someone explain whats missing and why its wrong?
Brief Exercise 3-4 (Algo) Balance sheet classification (LO3-2, 3-3) The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year, cash, $17.000; accounts receivable, $12.000; inventory, $26.000 equipment (net) $81,000; accounts payable, $15,000; salaries payable, $5,500; interest payable, $1,500; notes payable (due in 18 months). $31,000; common stock, $52,000. Prepare a classified balance sheet for K and Nursery, Inc. The equipment originally cost $120,000. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. K AND J NURSERY, INC. Balance Sheet At December 31, 2021 Assets S 17.000 Current assets Cash Accounts receivable Inventory 12.000 26.000 55.000 Total current assets Property, plant, and equipment Proy 1 of 11 Next > o e vere to search Saved Check my work mode: This shows what is correct or incorrect for the work you have ca 87.000 142.000 $ Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities Accounts payable Salaries payable Interest payable $ OOO 15,000 5,500 1,500 22,000 Total current liabilities Long-term liabilities Notes payable > 31,000 53,000 Total liabilities Shareholders' equity Common stock Retained earnings S Oo 52,000 68 000 X Total shareholders' equity Total liabilities and shareholders equity 120,000 173,000 $ Prey 1 of 11 Next > re to search e 1 C F1 Step by Step Solution
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