Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please do balance sheet and Liabilities and stockholders equity The bookkeeper for Waterway Company has prepared the following balance sheet as of July 31,2025: The
please do balance sheet and Liabilities and stockholders equity
The bookkeeper for Waterway Company has prepared the following balance sheet as of July 31,2025: The following additional information is provided. 1. Cash includes $1,560 in a petty cash fund and $19,500 invested in a 24-month certificate of deposit. 2. The net accounts receivable baiance is comprised of the following two items: (a) accounts receivabie $57,200 and (b) allowance for doubtful accounts $4,550. 3. Inventory costing $6,890 was shipped out on consiginment on July 31,2025 . The ending inventory balance does not include the consigned goods. Receivables in the amount of $6,890 were recognized on these consigned goods. 4. Equipenent had a cost of $145,600 and an accumulated depreclation balance of $36,400. 5. Incoine taxes payable of $7,800 were accrued on July 31. Waterway Company, however, had set up a cash fund to meet this obigation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified balance sheet as of July 31, 2025, from the available information, adjusting the account balances using the additional information. (t.ist Current Assets in order of liquidity) WATERWAY COMPANY Balance Sheet July 31,2025 Assets $ Llabilities and Stockholders' Equity $ 5 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started