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Prepare a classified balance sheet given the following account balances on December 31, 2020. Next, compute working capital on that same date. Cash Accounts
Prepare a classified balance sheet given the following account balances on December 31, 2020. Next, compute working capital on that same date. Cash Accounts receivable $93,000 90,000 Notes payable (long-term) 105,000 $3,000 Accounts payable Inventory Franchise Prepaid insurance 3,750 Income taxes payable 52,500 Retained earnings 1,800 Interest payable Common stock (no par, 10,000 sharesissued and outstanding) 75,000 Equipment, net 3,300 68,700 1,050 195,000 Note: Other than cash, list items in each balance sheet category in the order of the largest dollar amount to the smallest dollar amount. Assets Current assets Cash Total current assets Balance Sheet As of December 31, 2020 = Total assets Liabilities and Stockholders' Equity Current liabilities Total current liabilities Total liabilities Total stockholders' equity Total liabilities and stockholders' equity Working capital $ = $ = $
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