Work I

Fresh Food Distribution Inc. is a corporation engaged in the food industry that has its headquarters in

Nashville Tennessee. The following trial balance includes the accounts balances at year end as of June $30,$

$2024.$

Fresh Food Distribution Inc.

Trial Balance

June $30.2024$

Cash

Accounts receivable

Allowance for doubtful accounts

Loan receivable to employees

Inventory

Short term equity securities

Prepaid expenses

Land

Building

Accumulated Depreciation Building

Equipment

Accumulated Depreciation Building

Investments

Copy right

Franchise

Notes receivable

Interest receiavble

Accounts payable

Dividends payable

Interest payable

Income tax payable

Unearned revenues

Notes payable

Common stock

Additional Paid in Capital

Retained earnings

Additional information for year end June $30,2024,$ for Fresh Food Distribution Inc.

Cash account includes $$17,000$ restricted for special project.

Prepaid expenses of $$16,000$ due on November $30,2024.$

Loan receivable from employees due on December $31,2024.$

Short$-$term equity securities consist of securities that the Company plans to sell in the year $2024-$

$2025$ and $$50,000$ in treasury bill purchase in June $15$ of current year that mature in August $15,$

Notes receivable due in installments of $$50,000,$ payable on each March $31.$ Interest is payable

annually.

Investments consist of equity securities that the Company does not plan to sell in the next year.

Dividends are payable on July $16,2024.$

Unearned revenue represents payments from customers. Seventy five percent due in the fiscal

year $2024-2025$ and the remainder in the fiscal year $2025-2026.$

Notes payable consist of a note of $$300,000$ that is due on June $30,2034,$ an annual installment of

$$30,000$ plus interest at $6\mathrm{.}50\%.$

Common stock $$1$ par value; $2,000,000$ shares authorized with $1,500,000$ shares issued and

outstanding.

Required

Prepare a classified halance sheet for Eresh Eond Distribution Inc at Iyne $30.2024.$

Identify those items of the balance sheet that require disclosure as significant accounting policies.