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Prepare a balance sheet in report form as of December 31, 2016. You are not required to present the details of Preferred and Common Stock
Prepare a balance sheet in report form as of December 31, 2016. You are not required to present the details of Preferred and Common Stock (i.e., number of shares authorized, issued and outstanding).
Refer to the Chart of Accounts for exact wording of account titles. | |
Refer to the Labels and Amount Descriptions for exact wording of text entries. | |
Less , Deduct, Add and colons will appear automatically. | |
Available-for-sale investments should be reported as a single asset on the balance sheet, regardless of how many accounts exist in the ledger for such assets. | |
Recall that current assets are to be reported in order of liquidity. Available-for-sale investments are considered to be more liquid that accounts receivable. | |
Report fixed assets and paid-in capital accounts in account-number order. | |
Omit the description of bonds and stocks (i.e., percentage rates, due date, number of shares, etc.) | |
Enter all amounts as positive numbers, with one exception: If an unrealized loss has occurred, it must be reported as a negative amount on the balance sheet. |
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