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k Problem 1 - Prepare a classified balance sheet The following information relates to JB's Auto Shop for 2021: Retained earnings $100,000 Buildings Notes payable
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Problem 1 - Prepare a classified balance sheet The following information relates to JB's Auto Shop for 2021: Retained earnings $100,000 Buildings Notes payable due in 2024 63,955 Cash Long-term investments 29,070 Accounts payable Common stock 20,000 Inventory Prepaid rent 3.800 Accumulated depreciation buildings Salaries and wages payable 47.890 $169,000 74.000 13,566 11,560 42.019 Purpose The purpose of this problem is to demonstrate an understanding of analyzing accounting information and preparing a financial statement. Instructions After analyzing the data, prepare a classified balance sheet for JB's Auto Shop as of December 31, 2021. Guidance For formatting guidance, see the balance sheet examples that are provided in Chapter 4 of the textbook. YourStep by Step Solution
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