Adams Co. reports the following balance sheet accounts as of December 31.Salaries payable$ 7,400Retained earnings77,400 Notes payable (due in 9 years)Office supplies$ 64,000BuildingsPrepaid rentMerchandise inventory58,0008,4004,80016,800 Land50,000Accounts payable24,000Accumulated depreciation-Building7,8005,800 Mortgages payable (due in 5 years)18,000Prepaid insurance40,000Accounts receivableCash44,000Common stock24,000Required:Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)ADAMS CO.Balance SheetDecember 31AssetsCurrent assetsTotal current assetsPlant assetsTotal plant assetsTotal assetsLiabilitiesCurrent liabilitiesTotalliabilitiesLong-term liabilitiesTotal long-term liabilitiesTotal liabilitiesEquityTotal equityTotal liabilities and equity

Name: Adams Co. reports the following balance sheet accounts as of December
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Description: Adams Co. reports the following balance sheet accounts as of December 31.Salaries payable$ 7,400Retained earnings77,400 Notes payable (due in 9 years)Office supplies$ 64,000BuildingsPrepaid rentMerchandise inventory58,0008,4004,80016,800 Land50,000A

A balance sheet is a financial statement of position of the company's assets, liabilities and…

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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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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