Question
Other information:a. All accounts have normal balances.b. The furniture was depreciated using straight-line method and had a useful life of five years and residual value
Other information:a. All accounts have normal balances.b. The furniture was depreciated using straight-line method and had a useful life of five years and residual value os zero.c. The machinery was deprecated using the double-declining balance method and had a useful life of 10 years and residual value of $28100.d. The patent was purchased on November 2,2019and is expected to be used for 15 years after which it will have no value.e. The balance in prepaid rent represents rent from June 1,2019 to May 31,2020.f. $6500 of the note payable will be paid by April 30, 2021.Required. Prepare a classified balance sheet at April 30, 2020.Could you please explain the solution of this question, I add whole information. If is it possible to attach a document of balance sheet I would appreciate it. Thanks in advance.
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