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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.

FINANCIAL ACCOUNTING
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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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.

Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total liabilities VIDUI TIUter company Balance Sheet December 31 Assets Liabilities Equity $ $ 0 0 0 0
Transcribed Image Text:Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total liabilities VIDUI TIUter company Balance Sheet December 31 Assets Liabilities Equity $ $ 0 0 0 0
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