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Equipment Franchise (used in operations) Total debits 216,000 Total credits 28,800 $1,531,800 *Common stock, par $7.20, 50,000 shares issued and outstanding **Preferred stock, par $18.00, 8,000 shares issued and outstanding Required a. Prepare a classified balance sheet. Note: Do not use negative signs with any of your answers. $1,531,800

Equipment Franchise (used in operations) Total debits 216,000 Total credits 28,800 $1,531,800 *Common stock, par $7.20, 50,000 shares issued and outstanding **Preferred stock, par $18.00, 8,000 shares issued and outstanding Required a. Prepare a classified balance sheet. Note: Do not use negative signs with any of your answers. $1,531,800

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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The following accounts are taken from the general ledger of Spice Corp. on December 31, its annual year-end. Debit Balance Accounts Credit Balance Accounts Cash Accounts receivable Short-term investment (cost which approximates market) Inventory Prepaid expense (current) Bond sinking fund (to pay bonds at maturity) Advances to suppliers (current) Cash dividends (declared during the year) Supplies Investment in stock (at fair value) Unamortized discount on bonds payable Note receivable (long-term) Land (building site in use) Building Equipment Franchise (used in operations) Total debits $36,000 Mortgage payable (long term) 66,600 Accounts payable 72,000 Dividends (cash) payable (payable March 1 of next year) 63,000 Deferred revenue 1,800 Interest payable 63,000 Accumulated depreciation, building 7,200 Accumulated depreciation, equipment 18,000 Allowance for doubtful accounts 3,600 Bonds payable (matures in 5 years) 39,600 Common stock* 7,200 Preferred stock** 45,000 Additional paid-in capital-preferred stock 54,000 Retained earnings, December 31, prior year 810,000 Net income for the year 216,000 Total credits 28,800 $1,531,800 *Common stock, par $7.20, 50,000 shares issued and outstanding **Preferred stock, par $18.00, 8,000 shares issued and outstanding Required a. Prepare a classified balance sheet. Note: Do not use negative signs with any of your answers. $97,200 100,800 18,000 5,400 7,200 378,000 36,000 3,600 183,600 360,000 144,000 28,800 10,800 158,400 $1,531,800
Transcribed Image Text:The following accounts are taken from the general ledger of Spice Corp. on December 31, its annual year-end. Debit Balance Accounts Credit Balance Accounts Cash Accounts receivable Short-term investment (cost which approximates market) Inventory Prepaid expense (current) Bond sinking fund (to pay bonds at maturity) Advances to suppliers (current) Cash dividends (declared during the year) Supplies Investment in stock (at fair value) Unamortized discount on bonds payable Note receivable (long-term) Land (building site in use) Building Equipment Franchise (used in operations) Total debits $36,000 Mortgage payable (long term) 66,600 Accounts payable 72,000 Dividends (cash) payable (payable March 1 of next year) 63,000 Deferred revenue 1,800 Interest payable 63,000 Accumulated depreciation, building 7,200 Accumulated depreciation, equipment 18,000 Allowance for doubtful accounts 3,600 Bonds payable (matures in 5 years) 39,600 Common stock* 7,200 Preferred stock** 45,000 Additional paid-in capital-preferred stock 54,000 Retained earnings, December 31, prior year 810,000 Net income for the year 216,000 Total credits 28,800 $1,531,800 *Common stock, par $7.20, 50,000 shares issued and outstanding **Preferred stock, par $18.00, 8,000 shares issued and outstanding Required a. Prepare a classified balance sheet. Note: Do not use negative signs with any of your answers. $97,200 100,800 18,000 5,400 7,200 378,000 36,000 3,600 183,600 360,000 144,000 28,800 10,800 158,400 $1,531,800
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