Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's...

Transcribed Image Text:

Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine $ 10,000 46,000 5, 200 6,600 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years). Goodwill 36,000 Accumulated depletion-Silver mine 26,000 Accumulated amortization-Patents 21,000 $ 2,600 18,400 17,000 5,600 4,200 2,200 Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine $ 10,000 46,000 5, 200 6,600 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years). Goodwill 36,000 Accumulated depletion-Silver mine 26,000 Accumulated amortization-Patents 21,000 $ 2,600 18,400 17,000 5,600 4,200 2,200