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Adams Company reports the following balance sheet accounts as of December 31. Salaries payable $ 6,500 D. Adams, Capital $ 70,000 Buildings 63,000 Notes payable (due in 9 years) 40,000 Prepaid rent 7,500 Office supplies 3,000 Merchandise inventory 15,000 Land 32,000 Accounts payable 15,000 Accumulated depreciation—Building 6,000 Prepaid insurance 4,000 Mortgages payable (due in 5 years) 22,000 Accounts receivable 9,000 Cash 26,000 Required: Prepare a classified balance sheet

Adams Company reports the following balance sheet accounts as of December 31. Salaries payable $ 6,500 D. Adams, Capital $ 70,000 Buildings 63,000 Notes payable (due in 9 years) 40,000 Prepaid rent 7,500 Office supplies 3,000 Merchandise inventory 15,000 Land 32,000 Accounts payable 15,000 Accumulated depreciation—Building 6,000 Prepaid insurance 4,000 Mortgages payable (due in 5 years) 22,000 Accounts receivable 9,000 Cash 26,000 Required: Prepare a classified balance sheet

FINANCIAL ACCOUNTING
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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Adams Company reports the following balance sheet accounts as of December 31.

Salaries payable $ 6,500 D. Adams, Capital $ 70,000
Buildings 63,000 Notes payable (due in 9 years) 40,000
Prepaid rent 7,500 Office supplies 3,000
Merchandise inventory 15,000 Land 32,000
Accounts payable 15,000 Accumulated depreciation—Building 6,000
Prepaid insurance 4,000 Mortgages payable (due in 5 years) 22,000
Accounts receivable 9,000 Cash 26,000

Required:

Prepare a classified balance sheet

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