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Struggling with the boxes outlined in red. Any help would be appreciated! The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains
Struggling with the boxes outlined in red. Any help would be appreciated!
The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts. Debits Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Credits $128,800 Owner's Capital 14,520 Accumulated Depreciation-Buildings 4,680 Accounts Payable 18,040 Notes Payable 62,400 Accumulated Depreciation Equipment 65,000 Interest Payable 780 Service Revenue 7,360 3,800 $305,380 $113,000 42,600 12,300 97,780 18,720 3,800 17,180 $305,380 Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) CARTER BOWLING ALLEY Balance Sheet December 31, 2020 Assets Current Assets Cash 18040 Accounts Receivable 14520 Prepaid Insurance 4680 Total Current Assets 37240 Property, Plant and Equipment - Land 65000 Buildings 128800 Less : Accumulated Depreciation-Buildings 42600 86200 Equipment 62400 Less : Accumulated Depreciation-Equipment 18720 i 43680 193880 Total Assets 193880 Liabilities and Owner's Equity Current Liabilities Accounts Payable 12300 Notes Payable 97780 Interest Payable 3800 Total Current Liabilities 113880 Owner's Equity Owner's Capital 113000 Total Owner's Equity 113880 Long-term Liabilities Service Revenue 17180 Total Liabilities and Owner's Equity | 244940Step by Step Solution
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