Plz explain properly
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Plz explain properly

Transcribed Image Text:Account
Debit
Credit
Cash
$ 610,000
Notes payable, due in 5 years
150,500
Retained earnings
1,165,100
Obligations under capital leases (noncurrent)
615,000
Obligations under pension plans
297,250
Deferred tax liability (noncurrent)
38,000
Accumulated other comprehensive loss
326,400
Current portion of long-term debt
380,000
Property, plant, and equipment-net
3,250,000
Investments in affiliate companies (noncurrent)
600,000
Accounts receivable
410,000
Bonds payable, due in 10 years
2,100,000
Investments at fair value (trading)
230,000
Accounts payable
485,000
Additional paid-in capital
700,000
Dividends payable
75,000
Equipment under capital lease
1,611,750
Intangible assets–net
203,700
Merchandise inventory
700,000
Income taxes payable
36,000
Common stock, $1 par value
1,900,000
$7,941,850
$7,941,850
Totals

Transcribed Image Text:Seafoam Building Products Company provided the following information for the current year ended December 31.
(Click the icon to view the financial data.)
Requirements
Prepare the current-year classified balance sheet using the report format.
Prepare the current-year classified balance sheet using the account format.
a.
b.
Requirement a. Prepare the current-year classified balance sheet using the report format.
Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. (Use a minus sign or parentheses for any loss amounts.)
Seafoam Building Products Company
Balance Sheet
At December 31
Assets
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