Exercise 2-5

These items are taken from the financial statements of Pharoah Company at December 31, 2017.

Buildings		$135,424
Accounts receivable		16,128
Prepaid insurance		4,096
Cash		15,155
Equipment		105,472
Land		78,336
Insurance expense		998
Depreciation expense		6,784
Interest expense		3,328
Common stock		76,800
Retained earnings (January 1, 2017)		51,199
Accumulated depreciationbuildings		58,368
Accounts payable		12,160
Notes payable		119,808
Accumulated depreciationequipment		23,962
Interest payable		4,608
Service revenue		18,816

Prepare a classified balance sheet. Assume that $17,408 of the note payable will be paid in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.)

Pharoah Company Balance Sheet For the Year Month December 31, 2017For the Year Ended December 31, 2017December 31, 2017
Assets
Current AssetsTotal AssetsTotal Intangible AssetsTotal Current AssetsTotal Long-Term InvestmentsLong-Term LiabilitiesStockholders' EquityCurrent LiabilitiesTotal Current LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityIntangible AssetsProperty, Plant and EquipmentTotal LiabilitiesLong-Term Investments
			$
Total Long-Term LiabilitiesTotal Current LiabilitiesTotal Stockholders' EquityTotal Current AssetsProperty, Plant and EquipmentStockholders' EquityLong-Term LiabilitiesCurrent AssetsTotal Long-Term InvestmentsTotal Property, Plant and EquipmentCurrent LiabilitiesTotal AssetsTotal Liabilities and Stockholders' EquityTotal LiabilitiesTotal Intangible AssetsIntangible AssetsLong-Term Investments					$
Long-Term InvestmentsTotal Current LiabilitiesTotal Long-Term InvestmentsProperty, Plant and EquipmentTotal Stockholders' EquityStockholders' EquityIntangible AssetsTotal AssetsTotal Long-Term LiabilitiesTotal Current AssetsTotal LiabilitiesTotal Intangible AssetsCurrent AssetsTotal Liabilities and Stockholders' EquityLong-Term LiabilitiesTotal Property, Plant and EquipmentCurrent Liabilities
	$
Add Less :
Add Less :
Total Long-Term InvestmentsTotal Long-Term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' EquityTotal AssetsTotal Current AssetsLong-Term LiabilitiesProperty, Plant and EquipmentLong-Term InvestmentsTotal Intangible AssetsTotal LiabilitiesCurrent AssetsStockholders' EquityCurrent LiabilitiesIntangible AssetsTotal Current LiabilitiesTotal Liabilities and Stockholders' Equity					$
Liabilities and Stockholders' Equity
Total AssetsTotal Intangible AssetsLong-Term LiabilitiesLong-Term InvestmentsTotal Long-Term LiabilitiesTotal Long-Term InvestmentsTotal Property, Plant and EquipmentTotal Stockholders' EquityProperty, Plant and EquipmentStockholders' EquityTotal LiabilitiesTotal Current LiabilitiesTotal Current AssetsCurrent AssetsTotal Liabilities and Stockholders' EquityCurrent LiabilitiesIntangible Assets
			$
Property, Plant and EquipmentTotal Current LiabilitiesTotal Property, Plant and EquipmentTotal Current AssetsCurrent AssetsTotal LiabilitiesIntangible AssetsTotal Liabilities and Stockholders' EquityTotal Stockholders' EquityStockholders' EquityTotal AssetsTotal Intangible AssetsCurrent LiabilitiesLong-Term InvestmentsTotal Long-Term InvestmentsTotal Long-Term LiabilitiesLong-Term Liabilities					$
Total AssetsLong-Term LiabilitiesTotal Current AssetsLong-Term InvestmentsTotal Property, Plant and EquipmentTotal Long-Term InvestmentsTotal Long-Term LiabilitiesCurrent LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal Stockholders' EquityTotal LiabilitiesTotal Intangible AssetsCurrent AssetsTotal Current LiabilitiesTotal Liabilities and Stockholders' EquityIntangible Assets
Current LiabilitiesLong-Term InvestmentsTotal Intangible AssetsTotal AssetsCurrent AssetsTotal LiabilitiesTotal Current AssetsTotal Current LiabilitiesProperty, Plant and EquipmentTotal Property, Plant and EquipmentLong-Term LiabilitiesTotal Stockholders' EquityTotal Long-Term InvestmentsTotal Liabilities and Stockholders' EquityIntangible AssetsStockholders' EquityTotal Long-Term Liabilities
Total LiabilitiesLong-Term InvestmentsTotal Liabilities and Stockholders' EquityTotal Stockholders' EquityTotal Current AssetsCurrent AssetsTotal Intangible AssetsIntangible AssetsProperty, Plant and EquipmentTotal Long-Term InvestmentsCurrent LiabilitiesStockholders' EquityLong-Term LiabilitiesTotal AssetsTotal Current LiabilitiesTotal Long-Term LiabilitiesTotal Property, Plant and Equipment
Total Property, Plant and EquipmentIntangible AssetsLong-Term InvestmentsTotal Current LiabilitiesTotal AssetsTotal Current AssetsLong-Term LiabilitiesTotal Stockholders' EquityProperty, Plant and EquipmentTotal Intangible AssetsTotal Liabilities and Stockholders' EquityTotal Long-Term LiabilitiesTotal Long-Term InvestmentsTotal LiabilitiesStockholders' EquityCurrent AssetsCurrent Liabilities
Long-Term InvestmentsLong-Term LiabilitiesTotal LiabilitiesProperty, Plant and EquipmentCurrent AssetsStockholders' EquityIntangible AssetsTotal AssetsTotal Long-Term LiabilitiesTotal Current AssetsCurrent LiabilitiesTotal Intangible AssetsTotal Current LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-Term InvestmentsTotal Property, Plant and EquipmentTotal Stockholders' Equity					$