Clear Water Company reports the following balance sheet accounts as of December 31. Buildings $ 75,000 Accounts receivable 4,000 Land 39,000 Merchandise inventory 11,000 Accounts payable 7,000 Cash 12,000 Notes payable (due in 7 years) 70,000 Office supplies 5,000 Common stock 26,000 Retained earnings 30,000 Wages payable 5,000 Accumulated Depreciation—Buildings 8,000 Prepare a classified balance sheet.
Clear Water Company reports the following balance sheet accounts as of December 31. Buildings $ 75,000 Accounts receivable 4,000 Land 39,000 Merchandise inventory 11,000 Accounts payable 7,000 Cash 12,000 Notes payable (due in 7 years) 70,000 Office supplies 5,000 Common stock 26,000 Retained earnings 30,000 Wages payable 5,000 Accumulated Depreciation—Buildings 8,000 Prepare a classified balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QS 4-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4
Clear Water Company reports the following balance sheet accounts as of December 31.
| Buildings | $ 75,000 |
|---|---|
| 4,000 | |
| Land | 39,000 |
| Merchandise inventory | 11,000 |
| Accounts payable | 7,000 |
| Cash | 12,000 |
| Notes payable (due in 7 years) | 70,000 |
| Office supplies | 5,000 |
| Common stock | 26,000 |
| 30,000 | |
| Wages payable | 5,000 |
| 8,000 |
Prepare a classified balance sheet.
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