Homework Help is Here – Start Your Trial Now!
Business
Accounting
$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.

$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I sent this question in and got the wrong answer. I need a classical balance sheet, not an income statement or retained earnings report. I did this personally and can't get it to balance.

E2-5 I need (((((Assets = Liabilities + Stockholders Equity)))))

$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.
Transcribed Image Text:$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS