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Company reports the following balance sheet accounts as of December 31. $ 6,200 Retained earnings 58,200 Notes payable (due in 9 years) 7,200 Office supplies 14,400 Land 12,000 Accumulated depreciation-Building 3,400 Mortgages payable (due in 5 years) 6,000 Cash 14,000 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. $ 50,000 34,000 2,400 26,000 5,400 16,000 20,000

Company reports the following balance sheet accounts as of December 31. $ 6,200 Retained earnings 58,200 Notes payable (due in 9 years) 7,200 Office supplies 14,400 Land 12,000 Accumulated depreciation-Building 3,400 Mortgages payable (due in 5 years) 6,000 Cash 14,000 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. $ 50,000 34,000 2,400 26,000 5,400 16,000 20,000

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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Adams Company reports the following balance sheet accounts as of December 31. $ 6,200 Retained earnings 58,200 Notes payable (due in 9 years) 7,200 Office supplies Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets lant assets 14,400 Land 12,000 Accumulated depreciation-Building 3,400 Mortgages payable (due in 5 years) 6,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 50,000 34,000 2,400 26,000 5,400 16,000 20,000
Transcribed Image Text:Adams Company reports the following balance sheet accounts as of December 31. $ 6,200 Retained earnings 58,200 Notes payable (due in 9 years) 7,200 Office supplies Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets lant assets 14,400 Land 12,000 Accumulated depreciation-Building 3,400 Mortgages payable (due in 5 years) 6,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets $ 50,000 34,000 2,400 26,000 5,400 16,000 20,000
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