How do I solve this? ## Preparing a Classified Balance SheetFrom 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**: $297,000In 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**.

Retained Earnings = Total Assets - Total Liabilities - Common stock = 297,000 - 128,000 - 111,000 =…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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