Answer 1:43 O a31.0KB/S II* Hil 66Exercise 1-43 Cla...bartleby.comBusiness / Accounti... / C. / Exercise 1-43 Classified ...: Exercise 1-43 Classified Balance...•..Jerrison Company operates a wholesalehardware business. The followingbalance sheet accounts and balancesare available for Jerrison at December31, 2019.HE!$ 65,100Accounts payableAccounts receivableEquipment, data processingIncome taxes payableInterest payableInventoryInvestments (long-term)Investments (short-term)LandNotes payable (due June 1, 2020)Prepaid insurance (for 4 months)Retained earnings, 12/31/2019Salaries payableTrucksS309,00021,60012,600187,90095,500Accumulated depreciation(on building)Accumulated depreciation(on data processing equipment)Accumulated depreciation(on trucks)Bonds payable (due Aug. 30, 2023)Building (warehouse)216,80032,700172,40021,00031,20041,000150,0005,700200,000419.900Cash11,40014,400Common stock150,000106,100(Continued)Required:1. Prepare a classified balance sheet forJerrison at December 31, 2019.2. Compute Jerrison's working capitaland current ratio at December 31, 2019.3. CONCEPTUAL CONNECI'ION IfJerrison's management is concernedthat a large portion of its inventory is

Present question pertains to preparation of balance sheet. Balance sheet is a statement of affairs…

Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2019. S 6,100 Accounts payable Accounts receivable Accumulated depreciation (on building) Accumulated depreciation (on data processing equipment) Accumulated depreciation (on trucks) Bonds payable (due Aug. 30, 2023) Building (warehouse) Equipment, data processing Income taxes payable Interest payable Inventory Investments (long-term) Investments (short-term) $309,000 21,600 12,600 187,900 32,700 21,000 95,500 216,800 172,400 31,200 Land Notes payable (due June 1, 2020) Prepaid insurance (for 4 months) Retained earnings, 12/31/2019 Salaries payable Trucks 41,000 150,000 5,700 ? 200,000 419,900 Cash Common stock 11,400 150,000 14,400 106,100 (Continued) Required: 1. Prepare a classified balance sheet for Jerrison at December 31, 2019. 2. Compute Jerrison's working capital and current ratio at December 31, 2019.

Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2019. S 6,100 Accounts payable Accounts receivable Accumulated depreciation (on building) Accumulated depreciation (on data processing equipment) Accumulated depreciation (on trucks) Bonds payable (due Aug. 30, 2023) Building (warehouse) Equipment, data processing Income taxes payable Interest payable Inventory Investments (long-term) Investments (short-term) $309,000 21,600 12,600 187,900 32,700 21,000 95,500 216,800 172,400 31,200 Land Notes payable (due June 1, 2020) Prepaid insurance (for 4 months) Retained earnings, 12/31/2019 Salaries payable Trucks 41,000 150,000 5,700 ? 200,000 419,900 Cash Common stock 11,400 150,000 14,400 106,100 (Continued) Required: 1. Prepare a classified balance sheet for Jerrison at December 31, 2019. 2. Compute Jerrison's working capital and current ratio at December 31, 2019.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 84.1C

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

Answer

1:43 O a
31.0
KB/S II
* Hil 66
Exercise 1-43 Cla...
bartleby.com
Business / Accounti... / C. / Exercise 1-43 Classified ...
: Exercise 1-43 Classified Balance...
•..
Jerrison Company operates a wholesale
hardware business. The following
balance sheet accounts and balances
are available for Jerrison at December
31, 2019.
HE!
$ 65,100
Accounts payable
Accounts receivable
Equipment, data processing
Income taxes payable
Interest payable
Inventory
Investments (long-term)
Investments (short-term)
Land
Notes payable (due June 1, 2020)
Prepaid insurance (for 4 months)
Retained earnings, 12/31/2019
Salaries payable
Trucks
S309,000
21,600
12,600
187,900
95,500
Accumulated depreciation
(on building)
Accumulated depreciation
(on data processing equipment)
Accumulated depreciation
(on trucks)
Bonds payable (due Aug. 30, 2023)
Building (warehouse)
216,800
32,700
172,400
21,000
31,200
41,000
150,000
5,700
200,000
419.900
Cash
11,400
14,400
Common stock
150,000
106,100
(Continued)
Required:
1. Prepare a classified balance sheet for
Jerrison at December 31, 2019.
2. Compute Jerrison's working capital
and current ratio at December 31, 2019.
3. CONCEPTUAL CONNECI'ION If
Jerrison's management is concerned
that a large portion of its inventory is

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