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Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment silver mine $ 10,000 59,000 7,800 7,980 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill 49,000 Accumulated depletion-Silver mine Accumulated amortization-Patents 39,000 34,000 $ 3,900 30,100 30,000 6,900 6,800 4,800 Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total equity Total liabilities and equity GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity

Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment silver mine $ 10,000 59,000 7,800 7,980 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill 49,000 Accumulated depletion-Silver mine Accumulated amortization-Patents 39,000 34,000 $ 3,900 30,100 30,000 6,900 6,800 4,800 Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total equity Total liabilities and equity GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity

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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Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment silver mine $ 10,000 59,000 7,800 7,980 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill 49,000 Accumulated depletion-Silver mine Accumulated amortization-Patents 39,000 34,000 $ 3,900 30,100 30,000 6,900 6,800 4,800 Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total equity Total liabilities and equity GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity
Transcribed Image Text:Exercise 8-23 (Algo) Preparing a balance sheet LO P1, P3, P4 Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment silver mine $ 10,000 59,000 7,800 7,980 Accounts payable Accumulated depreciation-Equipment Notes payable (due in 9 years) Goodwill 49,000 Accumulated depletion-Silver mine Accumulated amortization-Patents 39,000 34,000 $ 3,900 30,100 30,000 6,900 6,800 4,800 Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total equity Total liabilities and equity GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity
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