Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. Long Term Liability? $4,033,369373,1451,171,797Prepaid insuranceLandGoodwillTrademarksInventory$ 125,76576,1933,982,954757,9071,237,613BuildingsCashXLSAccounts receivableAccumulated depreciation-buildings2,131,260InstructionsPrepare the assets section of a classified balance sheet, listing the items in proper sequenceand including a statement heading.Prepare a classisheet.E2-5 These items are taken from the financial statements of Longhorn Co. at December31, 2017.(LO 1), APBuildingsAccounts receivable.Prepaid insurance -Cash.EquipmentLandInsurance expenseDepreciation expense•Interest expenseCommon stockRetained earnings (January 1, 2017)Accumulated depreciation-buildingsAccounts payableNotes payable dAccumulated depreciation-equipmentInterest payableService revenue-$105,80012,6003,20011,84082,40061,2007805,3002,60060,00040,00045,6009,50093,60018,7203,60014,700woivInstructionsPrepare a classified balance sheet. Assume that $13,600 of the note payable will be paidin 2018.

Answered: $4,033,369 373,145 1,171,797 Prepaid…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.

Long Term Liability?

$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.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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