Question
I just need someone to explain this Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3
I just need someone to explain this
Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the accounting paper supplied. Parenthetically show common shares authorized, issued, and outstanding. Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollars signs used at the top of the column and after a total line. Use columns 2 for detail and column 3 for netting, totals, and grand totals. Leave column 1 and 4 blank. This balance sheet balances with these numbers. Bracketed notes are for the preparer and parathetical notes are for the reader of the financials.
Accounts Payable 13,580 $
Accounts Receivable 47,280
Accumulated Depreciation 15,740
Allowance for Doubtful Accounts 1,595
Bonds Payable 11,000
Cash and Cash Equivalents 33,475
Common Stock at par $2 (authorized 100,000 shares, issued xxxxx shares, and XXXX outstanding) 120,000
Current Portion of Long-Term Debt 8,560
Discounts on Bonds Payable 1,850
Intangilbles - Net 37,080
Long-Term Debt Payable [not including current portion] 40,250
Long-Term Investment in Equity Securities 86,500
Merchandise Inventory (FIFO, Lower of Cost or Market) 48,790
Paid in Capital in Excess of Par - Common 20,360
Prepaid expenses 4,820 Property,
Plant, and Equipment 140,760
Retained Earnings [12/31/2019 after closing entries] 180,820
Trading Securities [current] 9,240 Treasury Stock - Common (900 shares) 3,680
Unearned Revenues 1,570
You must calculate Issued and outstanding shares
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