Jung Corporation has the following account balances at April 30, 2020. Using this information, prepare a classified (en) balance sheet as at April 30, 2020 under ASPE. Account Title Balance Accounts Payable $43,700 Accounts Receivable $40,600 $10,800 Accumulated Depreciation Cash $17,600 Common Shares $49,100 Merchandise Inventory $64,300 Notes Payable $120,000 Preferred Shares $51,200 Prepaid Rent $13,000 Property, Plant and Equipment $237,700 Retained Earnings $95,900 Unearned Revenue $2,500 Notes: Unlimited common shares are authorized and 2,200 have been issued and are currently outstanding. For preferred shares, 11,000 shares are authorized and 4,400 have been issued and are currently outstanding. Each share pays a cumulative dividend of $5 annually.

Jung Corporation has the following account balances at April 30, 2020. Using this information, prepare a classified (en) balance sheet as at April 30, 2020 under ASPE. Account Title Balance Accounts Payable $43,700 Accounts Receivable $40,600 $10,800 Accumulated Depreciation Cash $17,600 Common Shares $49,100 Merchandise Inventory $64,300 Notes Payable $120,000 Preferred Shares $51,200 Prepaid Rent $13,000 Property, Plant and Equipment $237,700 Retained Earnings $95,900 Unearned Revenue $2,500 Notes: Unlimited common shares are authorized and 2,200 have been issued and are currently outstanding. For preferred shares, 11,000 shares are authorized and 4,400 have been issued and are currently outstanding. Each share pays a cumulative dividend of $5 annually.

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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