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What order should the assets go in on the classified Balance Sheet so they are in order of Liquidity? Below information pertains to Vernon Company
What order should the assets go in on the classified Balance Sheet so they are in order of Liquidity?
Below information pertains to Vernon Company for the year 2014. (Hint Some of the items will no on either statement, and ending retained earnings must be calculated.) Operating expenses Land Accumulated depreciation Accounts payable Unearned revenue Warranties payable (short term) Equipment Notes payable (long term) Salvage value of equipment Dividends Warranty expense Beginning retained earnings Interest revenue Gain on sale of equipment Inventory Notes receivable (short term) $ 35,600 2,000 (100,000) 18,000 5,000 908,000 29,000 20,000 92,000 52,000 4,900 22,000 94,000 579,000 106,000 114,000 $ 49,000 Cash 79,000 Interest receivable (short term) 50,000 Cash flow from investing activities 39,000 Allowance for doubtful accounts 31,000 Interest payable (short term) 4,900 Sales revenue 100, 000 Uncollectible accounts expense 144,000 Interest expense 14,000 Accounts receivable 19,000 Salaries payable 7,600 Supplies 45,100 Prepaid rent 4,600 Common stock 10,000 Cost of goods sold 130,000 Salaries expense 16,500 Building Required Prepare a multistep income statement for Vernon Company for 2014 VERNON COMPANY Multistep Income Statement For the Year Ended December 31, 2014 Operating expenses Total operating expenses Non-operating Items Total non-operating items
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