E4-7 The adjusted trial balance for Summit's Bowl-A-Drome Alley at December 31, 2002, con- tains the following accounts: Debits Accounts Receivable Amortization Expense Building Cash Equipment Insurance Expense Interest Expense Land Prepaid Insurance $ 14,520 5,360 128,800 20,840 62,400 780 2,600 63,200 4,680 $303,180 Accounts Payable Accumulated Amortization- Credits Building Accumulated Amortization- Equipment Bowling Revenues Interest Payable Mortgage Payable T. Bolgos, Capital $ 13,480 45,600 18,720 14,180 2,600 93,600 115,000 $303,180 Instructions (a) Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in the year 2003. Compare current assets and current liabilities and comment on the liquidity of the company.
E4-7 The adjusted trial balance for Summit's Bowl-A-Drome Alley at December 31, 2002, con- tains the following accounts: Debits Accounts Receivable Amortization Expense Building Cash Equipment Insurance Expense Interest Expense Land Prepaid Insurance $ 14,520 5,360 128,800 20,840 62,400 780 2,600 63,200 4,680 $303,180 Accounts Payable Accumulated Amortization- Credits Building Accumulated Amortization- Equipment Bowling Revenues Interest Payable Mortgage Payable T. Bolgos, Capital $ 13,480 45,600 18,720 14,180 2,600 93,600 115,000 $303,180 Instructions (a) Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in the year 2003. Compare current assets and current liabilities and comment on the liquidity of the company.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1AP
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