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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 31.
Description Amount Description Amount
Accounts payable $46,480 Office equipment $13,300
Accounts receivable 13,300 Raw materials inventory 13,440
Accrued expenses (credit)1,120 Allowance for bad debts 700
Bonds payable, 8%35,000 Accumulated depreciation 12,600
Common stock ($100 par)98,000 Rent expense paid in advance on a short-term lease 4,200
Cash 14,000 Sinking fund to retire long-term debt 9,800
Retained earnings (to be computed)? Land held for future plant site 19,600
Plant equipment 43,680 Note receivable, 9%, due in 2 years 9,449
Finished goods inventory 18,340 Work in process inventory 32,620
Investments*18,200
*For the investments account, $5,600 will be converted to cash next year; the remainder is a long-term investment.
Prepare a classified balance sheet for Bama Inc. on December 31.
Note: Do not use negative signs with any of your answers.\table[[\table[[Balance Shee],[As of December]],,,],[Assets,,,],[Current assets,,,],[Accounts receivable,,13,300,],[Cash,vv,14,000,],[Allowance for doubtful accounts,v,700,],[Short-term investments,v,5,600,],[,,,],[Inventory,,,],[Raw materials,v,13,440,],[Work in process,v,32,620,],[Finished goods,,18,340,],[Total current assets,v,100,800,],[Investments,,,],[Land held for future plant site,v,19,600,],[Investments,,12,600,],[Debt sinking fund,,9,800,],[Total investments,v,42,000,],[Property, plant, and equipment,,,],[Office equipment,v,13,300,],[Plant equipment,v,43,680,],[Accumulated depreciation,v,12,600,],[Net property, plant, and equipment,,44,380,],[Other assets,,,],[Note receivable, 9%,v,9,449,],[Total assets,,216,229,],[Liabilities and Stockholders' Equity,,,],[Current liabilities,,,],[Accounts payable,,46,480,],[Accrued expenses,,1,120,],[Total current liabilities,v,47,600,],[Long-term liabilities,,,],[Bonds payable, 8%,,35,000,],[Stockholders' equity,,,],[Common stock,,98,000,],[Retained earnings,v,35,629,],[Total stockholders' equity,,133,629,],[Total liabilities and stockholders' equity,,216,229,]]
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