Adams Co. reports the following balance sheet accounts as of December 31. $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) 8,400 office supplies 16,800 24,000 Accumulated depreciation-Building 5,800 Mortgages payable (due in 5 years) 18,000 Cash 24,000 $ 64,000 58,000 4,800 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Land 50,000 7,800 40,000 44,000 Common stock Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Adams Co. reports the following balance sheet accounts as of December 31. $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) 8,400 office supplies 16,800 24,000 Accumulated depreciation-Building 5,800 Mortgages payable (due in 5 years) 18,000 Cash 24,000 $ 64,000 58,000 4,800 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Land 50,000 7,800 40,000 44,000 Common stock Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Adams Co. reports the following balance sheet accounts as of December 31.
Salaries payable
$ 7,400
Retained earnings
77,400 Notes payable (due in 9 years)
Office supplies
$ 64,000
Buildings
Prepaid rent
Merchandise inventory
58,000
8,400
4,800
16,800 Land
50,000
Accounts payable
24,000
Accumulated depreciation-Building
7,800
5,800 Mortgages payable (due in 5 years)
18,000
Prepaid insurance
40,000
Accounts receivable
Cash
44,000
Common stock
24,000
Required:
Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
ADAMS CO.
Balance Sheet
December 31
Assets
Current assets
Total current assets
Plant assets
Total plant assets
Total assets
Liabilities
Current liabilities
Total
liabilities
Long-term liabilities
Total long-term liabilities
Total liabilities
Equity
Total equity
Total liabilities and equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c6c3461-7492-496f-98bc-6ef78f2648e2%2Fa6816173-8c6e-4033-853d-00bd929108df%2Fe7iz0tl_processed.png&w=3840&q=75)
Transcribed Image Text:Adams Co. reports the following balance sheet accounts as of December 31.
Salaries payable
$ 7,400
Retained earnings
77,400 Notes payable (due in 9 years)
Office supplies
$ 64,000
Buildings
Prepaid rent
Merchandise inventory
58,000
8,400
4,800
16,800 Land
50,000
Accounts payable
24,000
Accumulated depreciation-Building
7,800
5,800 Mortgages payable (due in 5 years)
18,000
Prepaid insurance
40,000
Accounts receivable
Cash
44,000
Common stock
24,000
Required:
Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
ADAMS CO.
Balance Sheet
December 31
Assets
Current assets
Total current assets
Plant assets
Total plant assets
Total assets
Liabilities
Current liabilities
Total
liabilities
Long-term liabilities
Total long-term liabilities
Total liabilities
Equity
Total equity
Total liabilities and equity
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