Land: 114,000 Inventory: 55,000 Long term investment stocks: 36,000 Accounts rec: 24,000 Inventory: 55,000 Notes rec: 26,000 Cash: 26,000 Intangible asset: 15,000 Prepaid expense: 10,800 Supplies: 10,200 Trucks: 46,000 Accumplated depriecation: 12,000 Acc payable: 62,000 Wages payable:21,000 Interest payable: 24,000 Notes payable (due in 9 yrs)- 34,000 Mortgage payable (20 yr)- 84,000 J. carter, cap: 126,000 The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. Assets Long-Term Investment in Stocks Notes Receivable (due in 3 years) Land Prepaid Expenses Accounts Receivable Cash Supplies Intangible Assets Inventory Trucks Liabilities & Equity Accounts Payable Wages Payable Interest Payable Notes Payable (due in 9 years) Mortgage Payable (due in 20 years) J. Carter, Capital $0 $25,000 $50,000 $75,000 $100,000 $125,000 * + ableau 1. Prepare a classified balance sheet at its December 31 year-end. (Hint: remember to include accumulated depreciation - trucks.) 2. Assume the company had a notes receivable of $2,000 that was to be collected within 3 months, how would it be reported on a classified balance sheet? 3. Assume Land reported in the company's accounting system is not used in operations, and is instead being held for future expansion. How should this account be reported on the balance sheet? Reg 1 Reg 2 and 3 Prepare a classified balance sheet at its December 31 year-end. (Hint: remember to include accumulated depreciation - trucks.) JISKO Balance Sheet December 31 Assets Current assets Cash Accounts receivable 0 Total current assets Long-term investments 0 Total long-term investments Plant assets 0 Total plant assets 0 Total assets $ 0 Total assets $ 0 Liabilities Total current liabilities 0 0 Total long-term liabilities Total liabilities 0 Equity Total liabilities and equity $ Ree Req 2 and 3 > 1. Prepare a classified balance sheet at its December 31 year-end. (Hint: remember to include accumulated depreciation - trucks.) 2. Assume the company had a notes receivable of $2,000 that was to be collected within 3 months, how would it be reported on a classified balance sheet? 3. Assume Land reported in the company's accounting system is not used in operations, and is instead being held for future expansion. How should this account be reported on the balance sheet? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 2. Assume the company had a notes receivable of $2,000 that was to be collected within 3 months, how would it be reported on a classified balance sheet? 3. Assume Land reported in the company's accounting system is not used in operations, and is instead being held for future expansion. How should this account be reported on the balance sheet? Show less 2. How would it be reported on a classified balance sheet? 3. How should this account be reported on the balance sheet?
