Balance Sheet As at April 30, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Rent Merchandise inventory Total Current Assets Property, Plant and Equipment (net) Total Assets Liablities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion Total Liabilities Shareholders' Equity Contributed Capital Preferred Shares, authorized, issued Common Shares, unlimited authorized, issued Total Contributed Capital Retained Earnings Total Shareholders Equity Liabilities &Shareholders' Equity
Balance Sheet As at April 30, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Rent Merchandise inventory Total Current Assets Property, Plant and Equipment (net) Total Assets Liablities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion Total Liabilities Shareholders' Equity Contributed Capital Preferred Shares, authorized, issued Common Shares, unlimited authorized, issued Total Contributed Capital Retained Earnings Total Shareholders Equity Liabilities &Shareholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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P14
![Balance Sheet
As at April 30, 2020
Assets
Current Assets
Cash
Accounts Receivable
Prepaid Rent
Merchandise Inventory
Total Current Assets
Property, Plant and Equipment (net)
Total Assets
Liablities
Current Liabilities
Accounts Payable
Unearned Revenue
Notes Payable, Current Portion
Total Current Liabilities
Long-Term Liabilities
Notes Payable, Long-Term Portion
Total Liablities
Shareholders Equity
Contributed Capital
Preferred Shares,
authorized,
issued
Common Shares, unlimited authorized,
issued
Total Contributed Capital
Retained Earnings
Total Shareholders' Equity
Liabilities & Shareholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb902d150-8562-4b15-9e2a-6b6bbec6c5e7%2Fe61e9998-0d96-4118-938e-e15092057f04%2Fcjxjcje_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Balance Sheet
As at April 30, 2020
Assets
Current Assets
Cash
Accounts Receivable
Prepaid Rent
Merchandise Inventory
Total Current Assets
Property, Plant and Equipment (net)
Total Assets
Liablities
Current Liabilities
Accounts Payable
Unearned Revenue
Notes Payable, Current Portion
Total Current Liabilities
Long-Term Liabilities
Notes Payable, Long-Term Portion
Total Liablities
Shareholders Equity
Contributed Capital
Preferred Shares,
authorized,
issued
Common Shares, unlimited authorized,
issued
Total Contributed Capital
Retained Earnings
Total Shareholders' Equity
Liabilities & Shareholders' Equity
![Sigmund Corporation has the following account balances at April 30, 2020.
Using this information, prepare a classified balance sheet as at April 30,
2020 under ASPE.
Account Title
Balance
Accounts Payable
Accounts Receivable
Accumulated Depreciation
$47,000
$41,300
$10,500
Cash
$16,800
Common Shares
Merchandise Inventory
$43,100
$61,600
Notes Payable
$120,000
Preferred Shares
$55,800
Prepaid Rent
$14,100
Property, Plant and Equipment $247,000
Retained Earnings
$101,200
$3,200
Unearned Revenue
Notes:
Unlimited common shares are authorized and 2,800 have been issued and
are currently outstanding.
For preferred shares, 11,000 shares are authorized and 4,400 have been
issued and are currently outstanding. Each share pays a cumulative dividend
of $6 annually.
The notes payable is payable over 4 years and $30,000 will be paid by April
30, 2021.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb902d150-8562-4b15-9e2a-6b6bbec6c5e7%2Fe61e9998-0d96-4118-938e-e15092057f04%2Flv5d14_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sigmund Corporation has the following account balances at April 30, 2020.
Using this information, prepare a classified balance sheet as at April 30,
2020 under ASPE.
Account Title
Balance
Accounts Payable
Accounts Receivable
Accumulated Depreciation
$47,000
$41,300
$10,500
Cash
$16,800
Common Shares
Merchandise Inventory
$43,100
$61,600
Notes Payable
$120,000
Preferred Shares
$55,800
Prepaid Rent
$14,100
Property, Plant and Equipment $247,000
Retained Earnings
$101,200
$3,200
Unearned Revenue
Notes:
Unlimited common shares are authorized and 2,800 have been issued and
are currently outstanding.
For preferred shares, 11,000 shares are authorized and 4,400 have been
issued and are currently outstanding. Each share pays a cumulative dividend
of $6 annually.
The notes payable is payable over 4 years and $30,000 will be paid by April
30, 2021.
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