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Please correct what is incorrect/incomplete and highlight Selected accounts from Gregor Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified
Please correct what is incorrect/incomplete and highlight
Selected accounts from Gregor Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Total equity Patents Cash Land Equipment Silver mine $50,000 4,000 6,000 30,000 20,000 15,000 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill Accumulated depletion-Silver mine Accumulated amortization-Patents $ 2,000 13,000 11,000 5,000 3,000 1,000 GREGOR CO. Balance Sheet December 31 Assets Current assets Cash $ 6,000 6,000 $ Plant assets Equipment Accumulated depreciationEquipment Accumulated depletionSilver mine Accumulated depletionSilver mine 7,000 20,000 (13,000) 15,000 (3,000) x 12,000 19,000 Total plant assets Intangible assets Accumulated amortization-Patents Accumulated amortizationPatents 4,000 (1,000) X 3,000 Total intangible assets 5,000 8,000 33,000 Total assets $ Liabilities Current liabilities Accounts payable $ 2,000 2,000 X Long-term liabilities Notes payable Equipment Total liabilities 11,000 11,000 X X 26,000 Equity 50,000 Total equity Total liabilities and equity $ 76,000Step by Step Solution
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