Solution Johnson Company Classified Balance Sheet: Johnson Company Balance Sheet 31-Dec-19 Current Assets: Cash Accounts Receivable Less: Allowance for Doubtful Debts Prepaid Insurance Inventories Total Current Assets Long-Term Investments: Investments Plant and Equipment: S30,000 $7,500 S22,500 $4,500 S100,000 S147,500 $50,000 $45,000 Buildings Less: Accumulated Depreciation - Buildings Equipment Less: Accumulated Depreciation Equipment Total Plant and Equipment Intangibles: S140,000 S50,000 $90,000 S132,500 S30,000 S102,500 S237,500 $5,000 $440,000 Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Notes Payable Interest Payable Total Current Liabilities Long-Term Liabilities: Bonds Payable Total Liabilities Stockholders' Equity: Common Stock, no par, 20,000 authorized, issued and S35,500 S65,000 $5,000 $105,500 S120,000 S225,500 S150,000 $64.500 Retained Earnings Stockholders' Equity Total Liabilities and Stockholders' Equity S214,500 $440,000 PROBLEM 1 (50 points) Below is the December 31, 2019 post-closing trial balance of Johnson Company ($in thousands) ACCOUNT DEBIT CREDIT Cash Investments (long-term) Accounts Receivable Allowance for uncollectible accounts Prepaid Insurance Inventories Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patents (unamortized balance) Accounts Payable Notes Payable (due 2019) Interest Payable Bonds Payable (due 2029) Common stock, no par, 20,000 shares 20,500 50,000 30,000 7,500 4,500 100,000 45,000 140,000 50,000 132,500 30,000 5,000 35,500 65,000 5,000 120,000 authorized, issued and outstanding Retained Earnings 150,000 64,500 Totals DIRECTIONS: Prepare a classified balanced sheet in Excel. Pay careful attention to format, spelling, alignment, account names and double check all totals. You need to FULLY break down into categories the assets section and the liabilities section -the stockholders' equity is done the same in a classified as a non-classified balance sheet