Question
Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30, 2023: Account Balance Accounts payable $ 5,080 Accounts receivable 17,300 Accumulated depreciation, furniture
Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30, 2023: Account Balance Accounts payable $ 5,080 Accounts receivable 17,300 Accumulated depreciation, furniture 10,190 Accumulated depreciation, machinery 20,200 Allowance for doubtful accounts 1,010 Cash 10,100 Expenses 89,300 Furniture 22,700 Josh Montalvo, capital 32,910 Josh Montalvo, withdrawals 83,900 Machinery 50,800 Note payable 14,600 Patent 24,900 Prepaid rent 16,260 Revenues 225,400 Unearned revenue 5,870 Other information:
Prepare a classified balance sheet at April 30, 2023.
- All accounts have normal balances.
- The furniture was depreciated using the straight-line method and had a useful life of five years and residual value of zero.
- The machinery was depreciated using the double-declining-balance method and had a useful life of 10 years and residual value of $28,100.
- The patent was purchased on November 2, 2022, and is expected to be used for 15 years, after which it will have no value.
- The balance in Prepaid Rent represents rent from June 1, 2022, to May 31, 2023.
- $6,500 of the note payable will be paid by April 30, 2024.
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