Question
There are five contra accounts in the list, but only 4 have companion accounts Make sure you pair all contra accounts with their companion account
- There are five contra accounts in the list, but only 4 have companion accounts
- Make sure you pair all contra accounts with their companion account (Example: make sure AFDA is paired with Accounts Receivable)
- Make sure you use all of your headings and not just noncurrent assets (Example: Long term investments)
- After you prepare the Classified Balance Sheet, calculate:
- The current ratio
- Working Capital
- The quick ratio
- The debt to asset ratio
- The debt to equity ratio
Additional paid in capital in excess of par (PIC) | 9,300 |
Accounts Receivable | 13,800 |
Dividends Payable | 1,800 |
Building | 50,000 |
Bonds Payable (due in 2025) | 29,000 |
Retained earnings | 20,800 |
Office Supplies | 1,900 |
Current portion of long term debt | 4,200 |
Accumulated depreciation- equipment | 8,300 |
Accumulated other Comprehensive Income | 5,000 |
Patent (net) | 2,400 |
Notes Payable (due in 2021) | 17,000 |
Inventory | 24,400 |
Sinking fund for bond retirement | 4,000 |
Accounts Payable | 16,500 |
Prepaid Insurance | 900 |
Discount on Bonds Payable | 2,000 |
Common stock ($10 par) | 15,000 |
Equipment | 29,000 |
Allowance for Doubtful accounts (AFDA) | 700 |
Preferred stock, $50 par | 10,000 |
Accumulated depreciation Building | 12,400 |
Interest payable | 2,900 |
Investment in held-to-maturity | 9,000 |
Cash | 8,200 |
Treasury stock | 1.500 |
Accrued wages | 3,700 |
Land | 9,500 |
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