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Please use the following information to determine what would be reported on the balance sheet as of 12/31/2019. Presented below are ending balances from Jumping
Please use the following information to determine what would be reported on the balance sheet as of 12/31/2019. Presented below are ending balances from Jumping Jack's 12/31/2019 post closing trial balance. Cash 28,500 Accounts Receivable, net 59,500 Inventory 31,680 Prepaid Rent 29,250 Land (part of PP&E) 170,000 Trademark 120,000 Notes Payable 132,000 Common Stock 61,410 Retained Earnings 245,520 Notes Payable are all long term. However, a $30,000 note requires an installment payment of $5,000 due in the coming year. O None of the provided answers are correct. O Notes payable would be reported as a long term liability for $132,000. O Notes payable liaiblity would be reported as current of $30,000 and long term of $102,000. O Notes payable liabillity would be reported as current of $5,000 and long term of $127,000
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