Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Huang Resources showed the following alphabetized adjusted trial balance at October 31, 2020: Account Accounts payable Accounts receivable Accumulated amortization, mineral rights Accumulated amortization, trademark

image text in transcribed

image text in transcribed

Huang Resources showed the following alphabetized adjusted trial balance at October 31, 2020: Account Accounts payable Accounts receivable Accumulated amortization, mineral rights Accumulated amortization, trademark Accumulated depreciation, building Accumulated depreciation, equipment Allowance for doubtful accounts Sally Huang, capital Building Cash Equipment Expenses Land Mineral rights Note payable Revenues Trademark Balance 20,200 28,100 31,300 23,300 82,500 111,300 2,010 222,990 149, eee 18,500 185,800 1,444,100 90,500 59,400 73,800 1,435,490 35,400 Other information: a. All accounts have normal balances. b. $38,900 of the note payable is due after October 31, 2021. Required: Prepare a classified balance sheet at October 31, 2020. (Be sure to list the assets and liabilities in order of their liquidity.) HUANG RESOURCES Balance Sheet October 31, 2020 Assets Current assets Total current assets Property, plant and equipment: Total property, plant and equipment Intangible assets Total intangible assets Total assets Liabilities Current liabilities Total current liabilities Non-current liabilities Total liabilities Equity Total liabilities and equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

978-0538453257

Students also viewed these Accounting questions