i have completed this in excel but would like to compare my answers J7. Prepare a classified balance sheet given the following account balances from a post-closing trial balance of Academic Status dated December 31, 2020.Post-Closing TrialBalanceSelected AccountsCACash(AAccounts receivableCAAllowance for doubtful accountsAlnventorypP BuildingAccumulated depreciation-buildingFranchiseČLAccounts payableUSalaries payableUUBonds payableSuCommon stockSiHRetained earningsGAccumulated other comprehensive incomeTotalsDebitСredit$ 405,000 $483,75033,750232,200495,000101,250101,250378,00056,250472,500225,000447,7502.700$1,717,200 $ 1,717.200

Accounts receivables , net = Accounts receivables - Allowance for doubtful accounts = 483750 - 33750…

J7. Prepare a classified balance sheet given the following account balances from a post- closing trial balance of Academic Status dated December 31, 2020. Post-Closing Trial Balance Selected Accounts Debit Credit CACash (AAccounts receivable CAAllowance for doubtful accounts Ainventory PR Building Accumulated depreciation-building Franchise ĆLAccounts payable USalaries payable JUBonds payable SHCommon stock E Retained earnings Accumulated other comprehensive income Totals $ 405,000 4. 483,750 --- 33,750 232,200 --- 495,000 101,250 101,250 --- 378,000 56,250 472,500 225,000 447,750 2.700 $1.717,200 $ 1,717.200 --- ---

J7. Prepare a classified balance sheet given the following account balances from a post- closing trial balance of Academic Status dated December 31, 2020. Post-Closing Trial Balance Selected Accounts Debit Credit CACash (AAccounts receivable CAAllowance for doubtful accounts Ainventory PR Building Accumulated depreciation-building Franchise ĆLAccounts payable USalaries payable JUBonds payable SHCommon stock E Retained earnings Accumulated other comprehensive income Totals $ 405,000 4. 483,750 --- 33,750 232,200 --- 495,000 101,250 101,250 --- 378,000 56,250 472,500 225,000 447,750 2.700 $1.717,200 $ 1,717.200 --- ---

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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