Classified Balance Sheet Exam InstructionsPrepare a classified balance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 for detail and column 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online.Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollar signsare used at the top of the column and after a total line. Double underlining should only be used for totalassets and total liabilities and stockholders’ equity.Each section starts all the way to the far left of the description column with a header row, then theitems following with an indentation, and then a net or total row with an additional indentation. If thesection is a single item like retained earnings, no header or net total / rows are necessary. Skip a row between each section. Use column 1 as an overflow from the description column and column 4 is not used. Abbreviations should be avoided on financial statements.This new expanded classified balance sheet requires two pages, one for the Assets and one for the Liabilities and Stockholders’ Equity and, yes, they must balance. Some accounts listed may not belong on the balance sheet.In addition, you are to present the following ratios to the nearest tenth:Current ratioQuick ratioDebt to assets ratioRatio of fixed assets to long-term liabilitiesRatio of total liabilities to stockholders' equityList of General Ledger Accounts in Alphabetical Order withtheir Normal Balances:Accounts Payable ……………………………………………… $ 34,600Accounts Receivable 35,100Accrued Liabilities …………………………………………….. 11,500Accumulated Depreciation 35,600Allowance for Doubtful Accounts …………………………… 900Bonds Payable [Long-term] 80,000Cash and Cash Equivalents ………………………………… 33,600Common Stock at par $1.50 (shares authorized 200,000,issued [calculate], and outstanding [calculate]) 75,000Cost of Goods Sold ………………………………………….. 204,800Current Portion of Long-Term Debt 5,600Discounts on Bonds Payable ………………………………. 2,300Equipment and Vehicles 89,100General and Administrative Expenses …………………….. 92,100Intangibles - Net [no further detail available] 14,300Investments in Equity Securities [Long-term] …………….. 5,000Land [not used in operations] 25,600Land and Building …………………………………………… 145,300Long-Term Debt Payable [not including current portion] 40,200Merchandise Inventory (FIFO, Lower of Cost or Market) … 28,700Notes Payable [Short-term] 6,500Notes Receivable [Short-term] ……………………………….. 4,000Notes Receivable [Long-term] 16,500Other Assets [Long-term] …………………………………….. 3,800Paid in Capital in Excess of Par - Common 28,500Premiums on Bonds Payable ……………………………….. 1,500Prepaid Expenses 2,700Provision for Income Taxes ………………………………… 26,100Retained Earnings [12/31/2020 after closing entries] 88,470Salaries Payable …………………………………………….. 2,800Sales 427,800Selling Expenses …………………………………………….. 35,900Trading Securities - at cost [current] 5,700Treasury Stock - Common (2,000 shares) ……………….. 3,420Unearned Revenues 3,300Valuation Adjustment - Trading Securities* ……………… (650)*There is no normal balance for this account as it can either bepositive or negative
Classified
Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2020 using column 2 for detail and column 3 for nets, sub-totals, & totals on the 4-column accounting paper provided online.
Use pencil only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank. No commas are necessary when you use the accounting paper properly. Dollar signs
are used at the top of the column and after a total line. Double underlining should only be used for total
assets and total liabilities and
Each section starts all the way to the far left of the description column with a header row, then the
items following with an indentation, and then a net or total row with an additional indentation. If the
section is a single item like
This new expanded classified balance sheet requires two pages, one for the Assets and one for the Liabilities and Stockholders’ Equity and, yes, they must balance.
Some accounts listed may not belong on the balance sheet.
In addition, you are to present the following ratios to the nearest tenth:
Current ratio
Quick ratio
Debt to assets ratio
Ratio of fixed assets to long-term liabilities
Ratio of total liabilities to stockholders' equity
List of General Ledger Accounts in Alphabetical Order with
their Normal Balances:
Accounts Payable ……………………………………………… $ 34,600
Accounts Receivable 35,100
Accrued Liabilities …………………………………………….. 11,500
Accumulated
Allowance for Doubtful Accounts …………………………… 900
Bonds Payable [Long-term] 80,000
Cash and Cash Equivalents ………………………………… 33,600
Common Stock at par $1.50 (shares authorized 200,000,
issued [calculate], and outstanding [calculate]) 75,000
Cost of Goods Sold ………………………………………….. 204,800
Current Portion of Long-Term Debt 5,600
Discounts on Bonds Payable ………………………………. 2,300
Equipment and Vehicles 89,100
General and Administrative Expenses …………………….. 92,100
Intangibles - Net [no further detail available] 14,300
Investments in Equity Securities [Long-term] …………….. 5,000
Land [not used in operations] 25,600
Land and Building …………………………………………… 145,300
Long-Term Debt Payable [not including current portion] 40,200
Merchandise Inventory (FIFO, Lower of Cost or Market) … 28,700
Notes Payable [Short-term] 6,500
Notes Receivable [Short-term] ……………………………….. 4,000
Notes Receivable [Long-term] 16,500
Other Assets [Long-term] …………………………………….. 3,800
Paid in Capital in Excess of Par - Common 28,500
Premiums on Bonds Payable ……………………………….. 1,500
Prepaid Expenses 2,700
Provision for Income Taxes ………………………………… 26,100
Retained Earnings [12/31/2020 after closing entries] 88,470
Salaries Payable …………………………………………….. 2,800
Sales 427,800
Selling Expenses …………………………………………….. 35,900
Trading Securities - at cost [current] 5,700
Treasury Stock - Common (2,000 shares) ……………….. 3,420
Unearned Revenues 3,300
Valuation Adjustment - Trading Securities* ……………… (650)
*There is no normal balance for this account as it can either be
positive or negative
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