$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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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