Exercise 2-5

These items are taken from the financial statements of Splish Brothers Inc. at December 31, 2017.

Buildings $131,192

Accounts receivable 15,624

Prepaid insurance 3,968

Cash 14,682

Equipment 102,176

Land 75,888

Insurance expense 967

Depreciation expense 6,572

Interest expense 3,224

Common stock 74,400

Retained earnings (January 1, 2017) 49,600

Accumulated depreciationbuildings 56,544

Accounts payable 11,780

Notes payable 116,064

Accumulated depreciationequipment 23,213

Interest payable 4,464

Service revenue 18,228

Prepare a classified balance sheet. Assume that $16,864 of the note payable will be paid in 2018.

Prepare a classified balance sheet. Assume that $16,864 of the note paya ble will be paid in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.) Splish Brothers Inc. For the Year Ended December 31, 2017 Assets Current Assets 14682 Cash t 15624 Accounts Receivable 3968 Prepaid Insurance Total Current Assets 34274 Property, Plant and Equipment Land 75.888 Equipment 102.176 Less 23,213 55304 Accumulated Depreciation-Buildings Buildings 131,192 Less Accumulated Deprediation-Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable Interest Pavable Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable Interest Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Stockholders' Equity Open Show Work Click if you would like to Show Work for this