Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable $ 7,800 Current assets 83,800 (due in 9 Total plant assets Total assets D. Adams, Capital Notes payable 8,800 17,600 Land Accumulated 28,000 depreciation- years) Office supplies Assets Total current assets Plant assets Building Mortgages 6,600 payable (due in 5 years) 22,000 Cash Liabilities Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) $ 0 $ GA $96,000 0 0 66,000 5,600 58,000 8,600 48,000 52,000
Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable $ 7,800 Current assets 83,800 (due in 9 Total plant assets Total assets D. Adams, Capital Notes payable 8,800 17,600 Land Accumulated 28,000 depreciation- years) Office supplies Assets Total current assets Plant assets Building Mortgages 6,600 payable (due in 5 years) 22,000 Cash Liabilities Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) $ 0 $ GA $96,000 0 0 66,000 5,600 58,000 8,600 48,000 52,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Adams Co. reports the following balance sheet accounts as of December 31.
Salaries
payable
Buildings
Prepaid rent
Merchandise
inventory
Accounts
payable
Prepaid
insurance
Accounts
receivable
Current assets
$ 7,800
83,800 (due in 9
Total plant assets
Total assets
Current liabilities
8,800
17,600 Land
Accumulated
28,000 depreciation-
Total current assets
Plant assets
Assets
D. Adams,
Capital
Notes payable
Building
Mortgages
6,600 payable (due
in 5 years)
22,000 Cash
Liabilities
years)
Office
supplies
Total current liabilities
Long-term liabilities
Required:
Prepare a classified balance sheet. (Amounts to be deducted should be
indicated by a minus sign.)
Total long-term liabilities
Total liabilities
Equity
Total liabilities and equity
$ 0
$
0
0
$ 0
$
0
0
$96,000
0
66,000
5,600
58,000
8,600
48,000
52,000
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