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please show work thanks Classified Balance Sheet Listed below are year-end, 12/31/21, account balances (S 000's) taken from the records of XYZ Corporation. XYZ Corporation
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Classified Balance Sheet Listed below are year-end, 12/31/21, account balances (S 000's) taken from the records of XYZ Corporation. XYZ Corporation Adjusted Trial Balance December 31, 2021 Debit Credit 700 480 375 125 90 Accounts Receivable Building Equipment Cash Inventory Land 300 530 330 SO 20 Notes receivable 50 90 Investments Prepaid rent (for the next 2 years) 620 225 180 1110 50 Supplies Trademark Prepaid Insurance (for the next 3 years) Accounts payable Accumulated depreciation- Equipment Accumulated depreciation- Buildings Total stockholders' equity Dividends payable 225 180 1110 50 80 Accumulated depreciation- Equipment Accumulated depreciation-Buildings Total stockholders' equity Dividends payable Income tax payable Allowance for Doubtful Accounts Notes payable Interest payable Deferred revenue 55 600 60 160 3,140 3,140 TOTALS Additional information and requirements on subsequent page. Additional information ($000's): 1. Land includes land held a possible future plant site $175 and land for the current plant site $125. 2. The notes receivable are due in 2023. The balance of $530 includes $30 of accrued interest. The next interest payment is due in July 2022. 3. Included in the investments are treasury bills of $60 that were purchased in November 2021 and mature in January, 2022; trading securities of $120 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year. 4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 300K shares, and issued 100K shares at an average price of $4.50. The remaining balance in stockholders' equity is retained earnings. 5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of $150 beginning 2/28/22. 6. Deferred revenue will be recognized equally over the next 24 months Required: 1.) Prepare a classified balance sheet for XYZ Corporation at December 31, 2021. Complete the questions on the following page about the balance sheet. As of 12/31/21: nunts receivable Required: 1.) Prepare a classified balance sheet for XYZ Corporation at December 31, 2021. Complete the questions on the following page about the balance sheet. As of 12/31/21: a. Net accounts receivable b. Total current assets c. Total Long term investment section d. Total PP&E section e. Total intangibles section f. Total other assets section g. Total Assets h. Total Current Liabilities i. Total Long-term Liabilities j. Common Stock k Paid in capital in excess of par (APIC) 1. Retained earningsStep by Step Solution
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