McK Nursery, Incorporated, reports the following account balances on December 31, 2024: cash, $25,000; accounts receivable, $20,000; Inventory, $34,000; equipment (net), $79,500, operating leases, $9,500; accounts payable, $23,000; salaries payable, $9,500; interest payable, $5,500; notes payable (due in 18 months), $39,000; common stock, $68,000. Required: Prepare a classified balance sheet for McK Nursery, Incorporated. Current assets: Total current assets Long-term assets: Total assets Current liabilities: Total current liabilities Long-term liabilities: McK NURSERY, Incorporated Balance Sheet At December 31, 2024 Assets Liabilities and Stockholders' Equity
McK Nursery, Incorporated, reports the following account balances on December 31, 2024: cash, $25,000; accounts receivable, $20,000; Inventory, $34,000; equipment (net), $79,500, operating leases, $9,500; accounts payable, $23,000; salaries payable, $9,500; interest payable, $5,500; notes payable (due in 18 months), $39,000; common stock, $68,000. Required: Prepare a classified balance sheet for McK Nursery, Incorporated. Current assets: Total current assets Long-term assets: Total assets Current liabilities: Total current liabilities Long-term liabilities: McK NURSERY, Incorporated Balance Sheet At December 31, 2024 Assets Liabilities and Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:McK Nursery, Incorporated, reports the following account balances on December 31, 2024: cash, $25,000;
accounts receivable, $20,000; inventory, $34,000; equipment (net), $79,500, operating leases, $9,500;
accounts payable, $23,000; salaries payable, $9,500; interest payable, $5,500; notes payable (due in 18
months), $39,000; common stock, $68,000.
Required:
Prepare a classified balance sheet for McK Nursery, Incorporated.
Current assets:
Total current assets
Long-term assets:
Total assets
Current liabilities:
Total current liabilities
Long-term liabilities:
McK NURSERY, Incorporated
Balance Sheet
At December 31, 2024
Assets
Liabilities and Stockholders' Equity
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