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From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26,000 Office supplies 2,000 Common stock 111,000 Retained earnings ? Salaries payable 7,000 Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets 수 $ Accounts receivable Office supplies Total Current Assets Noncurrent ASsets Land Total Noncurrent Assets Total Assets 24 Liabilities & Stockholders' Equity Current Liabilities Salaries payable Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Common stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ o o o

From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. Accounts payable $43,000 Inventory $117,000 Accounts receivable 40,000 Land 45,000 Building 67,000 Mortgage payable (long-term) 78,000 Cash 26,000 Office supplies 2,000 Common stock 111,000 Retained earnings ? Salaries payable 7,000 Berkly Wholesalers Balance Sheet December 31, 2018 Assets Current Assets 수 $ Accounts receivable Office supplies Total Current Assets Noncurrent ASsets Land Total Noncurrent Assets Total Assets 24 Liabilities & Stockholders' Equity Current Liabilities Salaries payable Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Common stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity $ o o o

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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## Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. | Accounts Payable | $43,000 | Inventory | $117,000 | |-------------------------|---------|------------------------------|----------| | Accounts Receivable | 40,000 | Land | 45,000 | | Building | 67,000 | Mortgage Payable (Long-term) | 78,000 | | Cash | 26,000 | Office Supplies | 2,000 | | Common Stock | 111,000 | Retained Earnings | ? | | | | Salaries Payable | 7,000 | ### Berkly Wholesalers Balance Sheet #### December 31, 2018 **Assets** - **Current Assets** - Cash: $26,000 - Accounts Receivable: $40,000 - Inventory: $117,000 - Office Supplies: $2,000 - **Total Current Assets**: $185,000 - **Noncurrent Assets** - Building: $67,000 - Land: $45,000 - **Total Noncurrent Assets**: $112,000 - **Total Assets**: $297,000 **Liabilities & Stockholders' Equity** - **Current Liabilities** - Accounts Payable: $43,000 - Salaries Payable: $7,000 - **Total Current Liabilities**: $50,000 - **Long-term Liabilities** - Mortgage Payable: $78,000 - **Total Liabilities**: $128,000 - **Stockholders' Equity** - Common Stock: $111,000 - Retained Earnings: $58,000 (calculated from Total Assets - Total Liabilities - Common Stock) - **Total Stockholders' Equity**: $169,000 - **Total Liabilities & Stockholders' Equity**: $297,000 In this balance sheet, the assets are divided into current and noncurrent categories. Liabilities are categorized into current and long-term. The balance sheet demonstrates the accounting equation: **Assets = Liabilities + Stockholders' Equity**.
Transcribed Image Text:## Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Berkly Wholesalers as of December 31. | Accounts Payable | $43,000 | Inventory | $117,000 | |-------------------------|---------|------------------------------|----------| | Accounts Receivable | 40,000 | Land | 45,000 | | Building | 67,000 | Mortgage Payable (Long-term) | 78,000 | | Cash | 26,000 | Office Supplies | 2,000 | | Common Stock | 111,000 | Retained Earnings | ? | | | | Salaries Payable | 7,000 | ### Berkly Wholesalers Balance Sheet #### December 31, 2018 **Assets** - **Current Assets** - Cash: $26,000 - Accounts Receivable: $40,000 - Inventory: $117,000 - Office Supplies: $2,000 - **Total Current Assets**: $185,000 - **Noncurrent Assets** - Building: $67,000 - Land: $45,000 - **Total Noncurrent Assets**: $112,000 - **Total Assets**: $297,000 **Liabilities & Stockholders' Equity** - **Current Liabilities** - Accounts Payable: $43,000 - Salaries Payable: $7,000 - **Total Current Liabilities**: $50,000 - **Long-term Liabilities** - Mortgage Payable: $78,000 - **Total Liabilities**: $128,000 - **Stockholders' Equity** - Common Stock: $111,000 - Retained Earnings: $58,000 (calculated from Total Assets - Total Liabilities - Common Stock) - **Total Stockholders' Equity**: $169,000 - **Total Liabilities & Stockholders' Equity**: $297,000 In this balance sheet, the assets are divided into current and noncurrent categories. Liabilities are categorized into current and long-term. The balance sheet demonstrates the accounting equation: **Assets = Liabilities + Stockholders' Equity**.
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