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Preparing a Classified Balance Sheet The ledger of Bama Inc. had the following account balances on December 3 1 . Description Amount Description Amount Accounts
Preparing a Classified Balance Sheet
The ledger of Bama Inc. had the following account balances on December
Description Amount Description Amount
Accounts payable $ Office equipment $
Accounts receivable Raw materials inventory
Accrued expenses credit Allowance for bad debts
Bonds payable, Accumulated depreciation
Common stock $ par Rent expense paid in advance on a shortterm lease
Cash Sinking fund to retire longterm debt
Retained earnings to be computed Land held for future plant site
Plant equipment Note receivable, due in years
Finished goods inventory Work in process inventory
Investments
For the investments account, $ will be converted to cash next year; the remainder is a longterm investment.
Prepare a classified balance sheet for Bama Inc. on December
Note: Do not use negative signs with any of your answers.tabletableBalance SheeAs of DecemberAssetsCurrent assets,,,Accounts receivable,CashAllowance for doubtful accounts,Shortterm investments,InventoryRaw materials,Work in process,Finished goods,Total current assets,InvestmentsLand held for future plant site,InvestmentsDebt sinking fund,Total investments,Property plant, and equipment,,,Office equipment,Plant equipment,Accumulated depreciation,Net property, plant, and equipment,Other assets,,,Note receivable, Total assets,Liabilities and Stockholders' Equity,,,Current liabilities,,,Accounts payable,Accrued expenses,Total current liabilities,Longterm liabilities,,,Bonds payable, Stockholders equity,,,Common stock,Retained earnings,Total stockholders' equity,Total liabilities and stockholders' equity,
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