Question
Given the following post-closing trial balance, prepare a classified balance sheet: The December 31, 2021, post-closing trial balance for Antarctica Corporation is presented below: Accounts
Given the following post-closing trial balance, prepare a classified balance sheet:
The December 31, 2021, post-closing trial balance for Antarctica Corporation is presented below:
Accounts | Debit |
| Credit |
| |||||
Cash | $ | 6,900 |
|
|
|
|
|
| |
Accounts Receivable |
| 2,700 |
|
|
|
|
|
| |
Prepaid Insurance |
| 5,500 |
|
|
|
|
|
| |
Supplies |
| 1,300 |
|
|
|
|
|
| |
Long-Term Investments |
| 7,000 |
|
|
|
|
|
| |
Land |
| 80,000 |
|
|
|
|
|
| |
Buildings |
| 200,000 |
|
|
|
|
|
| |
Accumulated Depreciation |
|
|
|
|
| 25,000 |
|
| |
Accounts Payable |
|
|
|
|
| 2,300 |
|
| |
Notes Payable, due < 1 year |
|
|
|
|
| 12,000 |
|
| |
Notes Payable, due in 3 years |
|
|
|
|
| 50,000 |
|
| |
Interest Payable, due < 1 year |
|
|
|
|
| 1,000 |
|
| |
Common stock |
|
|
|
|
| 150,000 |
|
| |
Retained Earnings |
|
|
|
|
| 63,100 |
|
| |
Totals | $ | 303,400 |
|
| $ | 303,400 |
|
| |
| |||||||||
Prepare a classified balance sheet for the company as of December 31, 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started