Question
The following is a December 31, 2021, post-closing trial balance for the PescaMar Corporation: Account Title Debits Credits Cash $40,000 Account Receivable 34,000 Inventory 75,000
The following is a December 31, 2021, post-closing trial balance for the PescaMar Corporation:
| Account Title | Debits | Credits |
| Cash | $40,000 | |
| Account Receivable | 34,000 | |
| Inventory | 75,000 | |
| Prepaid rent (for the next 8 month) | 16,000 | |
| Investment in Equity Securities (short Term) | 10,000 | |
| Machinery | 145,000 | |
| Accumulated Depreciation | $11,000 | |
| Patent (net) | 83,000 | |
| Accounts Payable | 8,000 | |
| Salaries Payable | 4,000 | |
| Income Taxes Payable | 32,000 | |
| Bonds Payable (due in 10 years) | 200,000 | |
| Common Stock | 100,000 | |
| Retain Earnings | 48,000 | |
| Totals | $403,000 | $403,000 |
Required:
Prepare a classified balance sheet for PescaMar Corporation at December 31, 2021, by properly classifying each of the accounts.
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Key Concepts In Primary Science Audit And Subject Knowledge
Authors: Vivian Cooke, Colin Howard
1st Edition
1910391506, 978-1910391501
