Question
Prepare a classified balance sheet for Fullerton Merchandising Co. as of December 31, 2021. Use the Excel template supplied. The first column is the description
Prepare a classified balance sheet for Fullerton Merchandising Co. as of December 31, 2021. Use the Excel template supplied. The first column is the description column which should be as wide and columns 2 and 3 just wide enough to fit the dollars.
Left justify headers and sub-headers and indent items in the sub-headers. Right justify numbers using $, commas, underlining, and double underlining as appropriate. Abbreviations should be avoided on financial statements. FIFO is permitted, however.
Bracketed [ ] notes are for the preparer and you are the preparer and you do not put those on the balance sheet. Parenthetical ( ) notes are for the reader of the financials and should be made available to the reader. Parenthetically show common shares par value, if any, authorized, issued, and outstanding shares which will wrap and make the row wider.
Accounts for balance sheet preparation are all presented in their normal balances:
- Accounts payable ...................................................................$25,900
- Accounts receivable ................................................................ 29,700
- Accumulated depreciation .....................................................42,300
- Allowance for doubtful accounts................................................800
- Bonds payable ...........................................................................70,000
- Cash and cash equivalents................................62,800
- Common stock (par $4, authorized 250,000 shares)...160,000
- Current portion of long-term debt .......................................10,680
- Discounts on bonds payable............1,750
- Equipment and vehicles..................89,100
- Intangibles net...............14,300
- Investments in equity securities [long-term].......50,500
- Land [not used in operations]........................................19,800
- Land and building [used in operations].........245,300
- Long-term debt payable [not including current portion]...35,400
- Merchandise inventory (FIFO, Lower of Cost or Market)..54,900
- Notes payable [short-term]..........................................14,620
- Paid in capital in excess of par Common45,800
- Prepaid expenses ........................................................................10,400
- Retained earnings [12/31/2021 after closing entries]..199,750
- Trading securities (at fair value) [short-term investment]...24,500
- Treasury stock - common (650 shares)............................7,400
- Unearned revenues........................................................5,200
The above data is repeated at the top of the Excel template.
Also required are the following ratios to the nearest tenth below the balance sheet:
Current ratio Debt to assets ratio Ratio of total liabilities to stockholders' equity
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