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Preparing a Classified Balance Sheet Prepare a classified balance sheet given the following account balances on December 31, 2020. Next, compute working capital on that
Preparing a Classified Balance Sheet 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 $6,000 Accounts payable $186,000 180,000 Notes payable (long-term) 210,000 Inventory Franchise 7,500 Income taxes payable 105,000 Retained earnings 6,600 137,400 Prepaid insurance 3,600 Interest payable Common stock (no par, 10,000 sharesissued and outstanding) 150,000 Equipment, net 2,100 390,000 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 Balance Sheet As of December 31, 2020 Tota Accounts payable Accounts receivable Common stock, no-par, 10,000 shares issued and outstanding Equipment, net Franchise To Income taxes payable Liab Interest payable Curr Inventory Notes payable Prepaid insurance Retained earnings Total current liabilities Total liabilities $ Total stockholders' equity Total liabilities and stockholders' equity $ Working capital $ Determining Current Assets and Current Liabilities from Other Accounts Determine the missing amounts from a balance sheet dated December 31, 2020. Given amounts Dec 31, 2020 Equipment, net $20,250 Patent 4,500 Notes payable (long-term) 6,000 Common stock 13,500 Retained earnings 3,750 Total liabilities 15,000 Note: There are no other missing amounts. Missing amounts Dec 31, 2020 Total current assets $ Total current liabilities $
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