Arrange the following items in the proper balance sheet presentation: (Attached image for reference) Identify: ($ value - positive or negative) 1. Current assets 2. Total current assets3. Capital assets 4. Net plant and equipment 5. Liabilities6. Total current Liabilities 7. Total liabilities Accumulated amortization$265,000Retained earnings159,400Cash16,000136,00055,000720,00049,0006,600186,00080,00070,00020,00024,00043,000Bonds payableAccounts receivablePlant and equipment-original costAccounts payableAllowance for bad debtsCommon stock, 100,000 shares outstandingInventoryPreferred stock, 1,000 shares outstandingMarketable securitiesInvestmentsNotes payable

Assets Amount Liabilities Amount Current Assets Current liabilities Cash 16000…

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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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Question

Arrange the following items in the proper balance sheet presentation: (Attached image for reference)

Identify: ($ value - positive or negative)

1. Current assets

2. Total current assets

3. Capital assets

4. Net plant and equipment

5. Liabilities

6. Total current Liabilities

7. Total liabilities

Accumulated amortization
$265,000
Retained earnings
159,400
Cash
16,000
136,000
55,000
720,000
49,000
6,600
186,000
80,000
70,000
20,000
24,000
43,000
Bonds payable
Accounts receivable
Plant and equipment-original cost
Accounts payable
Allowance for bad debts
Common stock, 100,000 shares outstanding
Inventory
Preferred stock, 1,000 shares outstanding
Marketable securities
Investments
Notes payable

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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