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Instructions: Please prepare a Classified Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Classified Balance Sheet to
Instructions: Please prepare a Classified Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Classified Balance Sheet to answer this question and the next three (3) questions. You will need to know the 1.) Total Current Assets, 2.) Total Long-term Assets, 3.) Total Current Liabilities, and 4.) Total Stockholders' Equity to answer these four (4) questions. Question: Based on the Partial Trial Balance and Additional Info shown below, what is the amount of the Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper? Adjusted Trial Balance December 31, 20xx Accounts Debit Credit Cash Accounts Receivable $25,172 100,551 40,000 Inventory Prepaid Rent 14,140 Equipment 25,000 125,000 Building Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable $ 50,000 25,172 30,551 5,000 50,140 50,000 Common Stock 25,000 0 Treasury Stock Retained Earnings Dividends 25,000 10,000 Revenue 200,172 Cost of Goods Sold 75,172 9,000 15,000 10,000 Salaries Expense Rent Expense Utilities Expense Depreciation Expense Interest Expense Income Tax Expense 5,000 1,000 6,000 Additional Information: Net Income After-taxes for the Accounting Period equaled $79,000 Beginning Balance of Common Stock on 1/1/20xx $25,000 Beginning Balance of Retained Earnings on 1/1/20xx $25,000 No new stock was issued during the accounting period. Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer. For example, if you calculated the answer to be $24,123 you would only input: 24123
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