Business Course Furniture & Equipment $107,000 Accumulated Depreciation $48,800 Cash 50,400 Accounts Receivable 95,200 Common Stock 18,400 190,000 Accounts Payable 300 Inventory Prepaid Insurance 93,000 Retained Earnings ? Required Prepare a classified balance sheet as of December 31, 2016. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Current Assets: Cash Accounts Receivable Inventory Prepaid Insurance Long-term Assets: Total Current Assets Total Assets Furniture & Equipment Less: Accumulated Depreciation Total Long-term Assets Balance Sheet December 31, 2016 Assets Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Return to cou Type here to search $ → 50,400 95,200 93,000 Liabilities & Stockholders' Equity 300✔ 107,000 48,800 $ 238,900✔ 58,200 297,100✔ 18,400 190.000 H:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Preparing a Classified Balance Sheet. The following financial data for Marshall Corporation was collected as December 31, 2016. All accounts have normal balances.
←
D
Business Course
Return to
Prepare a classified balance sheet as of December 31, 2016.
Note: Do not use negative signs with your answers.
MARSHALL CORPORATION
Current Assets:
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Long-term Assets:
Total Assets
Total Current Assets
Balance Sheet
December 31, 2016
Current Liabilities:
Assets
Accounts Payable
Stockholders' Equity
Common Stock
Retained Earnings
→
Furniture & Equipment
Less: Accumulated Depreciation
Total Long-term Assets
+
-
✔$
S
50,400
95,200✔
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
93,000
300
Liabilities & Stockholders' Equity
107,000✔
48,800
$
$
238,900
58,200
297,100
18,400
190,000
88,000 *
278,700
297,100
Transcribed Image Text:← D Business Course Return to Prepare a classified balance sheet as of December 31, 2016. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Current Assets: Cash Accounts Receivable Inventory Prepaid Insurance Long-term Assets: Total Assets Total Current Assets Balance Sheet December 31, 2016 Current Liabilities: Assets Accounts Payable Stockholders' Equity Common Stock Retained Earnings → Furniture & Equipment Less: Accumulated Depreciation Total Long-term Assets + - ✔$ S 50,400 95,200✔ Total Stockholders' Equity Total Liabilities and Stockholders' Equity 93,000 300 Liabilities & Stockholders' Equity 107,000✔ 48,800 $ $ 238,900 58,200 297,100 18,400 190,000 88,000 * 278,700 297,100
Business Course
Furniture & Equipment $107,000 Accumulated Depreciation $48,800
95,200
50,400 Accounts Receivable
Cash
Common Stock
18,400
190,000 Accounts Payable
300 Inventory
Prepaid Insurance
93,000
Retained Earnings
?
Required
Prepare a classified balance sheet as of December 31, 2016.
Note: Do not use negative signs with your answers.
MARSHALL CORPORATION
Current Assets:
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Long-term Assets:
Total Current Assets
Total Assets
Furniture & Equipment
Less: Accumulated Depreciation
Total Long-term Assets
Balance Sheet
December 31, 2016
Assets
Current Liabilities:
Accounts Payable
Stockholders' Equity
Common Stock
Return to course
$
Type here to search
Liabilities & Stockholders' Equity
+
50,400✔
95,200
93,000
300
107,000
48,800
$
238,900
58,200
297,100
18,400
190.000
Bi
Transcribed Image Text:Business Course Furniture & Equipment $107,000 Accumulated Depreciation $48,800 95,200 50,400 Accounts Receivable Cash Common Stock 18,400 190,000 Accounts Payable 300 Inventory Prepaid Insurance 93,000 Retained Earnings ? Required Prepare a classified balance sheet as of December 31, 2016. Note: Do not use negative signs with your answers. MARSHALL CORPORATION Current Assets: Cash Accounts Receivable Inventory Prepaid Insurance Long-term Assets: Total Current Assets Total Assets Furniture & Equipment Less: Accumulated Depreciation Total Long-term Assets Balance Sheet December 31, 2016 Assets Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Return to course $ Type here to search Liabilities & Stockholders' Equity + 50,400✔ 95,200 93,000 300 107,000 48,800 $ 238,900 58,200 297,100 18,400 190.000 Bi
Expert Solution
Step 1: Step 1 Description

According to the given question, we are required to prepare the classified balance sheet for the year ending on December 31, 2016.


Classified balance sheet:

A classified balance sheet refers to the balance sheet which shows the information about an entity's assets, liabilities, and shareholders' equity that is aggregated into different heads of accounts. The standard classification of items on the balance sheet is as follows: 

Current assets, non-current assets, current liabilities, long-term liabilities, and shareholders' equity. 




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