Adams Company reports the following balance sheet accounts as of December 31.Salaries payableBuildingsPrepaid rentMerchandise inventoryAccounts payablePrepaid insuranceAccounts receivableCommon stockRequired:Prepare a classified balance sheet.$6,700 Retained earnings15,400 Land$ 50,00066,200 Notes payable (due in 9 years)7,700 Office supplies44,0003,40036,00017,000 Accumulated depreciation-Building4,400 Mortgages payable (due in 5 years)11,000 Cash6,40026,00030,00024,000Current assetsTotal current assetsPlant assetsADAMS COMPANYBalance SheetDecember 31Assets0

Name: Adams Company reports the following balance sheet accounts as of Dece
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Description: Adams Company reports the following balance sheet accounts as of December 31.Salaries payableBuildingsPrepaid rentMerchandise inventoryAccounts payablePrepaid insuranceAccounts receivableCommon stockRequired:Prepare a classified balance sheet.$6,700

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Adams Company reports the following balance sheet accounts as of December 31. Salaries payable Buildings $ 6,700 Retained earnings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets 66,200 Notes payable (due in 9 years) 7,700 Office supplies $ 50,000 44,000 3,400 15,400 Land 36,000 17,000 Accumulated depreciation-Building 4,400 Mortgages payable (due in 5 years) 11,000 Cash 6,400 26,000 30,000 24,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 0

Adams Company reports the following balance sheet accounts as of December 31. Salaries payable Buildings $ 6,700 Retained earnings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets 66,200 Notes payable (due in 9 years) 7,700 Office supplies $ 50,000 44,000 3,400 15,400 Land 36,000 17,000 Accumulated depreciation-Building 4,400 Mortgages payable (due in 5 years) 11,000 Cash 6,400 26,000 30,000 24,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 0

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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Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 17,000 Inventory 65,000 Other current assets 25,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 95,000 Long-term liabilities 55,000 Retained earnings Other current liabilities 18,000 Prepare a classified balance sheet for Werthman Company. Werthman Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: Cash 2$ 15,000 Accounts payable 2$ 21,000 Accounts receivable 17,000 Other current liabilities 18,000 Inventory 65,000 Total Current Liabilities 39,000 Other current assets 25,000 Noncurrent Liabilities: Total Current Assets 122,000 Long-term liabilities 55,000 Total Liabilities Noncurrent Assets: Stockholders' Equity Property plant and equipment 200,000 Common stock Other long-term assets 40,000 Total Noncurrent Assets 240,000 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $
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