Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below are a number of
| $ 125,000 | $ 292,000 | |||||
| Payroll taxes payable | 177,591 | Inventory | 239,800 | |||
| Bonds payable | 300,000 | Rent payable (short-term) | 45,000 | |||
| Discount on bonds payable | 15,000 | Income taxes payable | 98,362 | |||
| Cash | 360,000 | Rent payable (long-term) | 480,000 | |||
| Land | 480,000 | Common stock, $1 par value | 200,000 | |||
| Notes receivable | 445,700 | 150,000 | ||||
| Notes payable (to banks) | 265,000 | Prepaid expenses | 87,920 | |||
| Accounts payable | 490,000 | Equipment | 1,470,000 | |||
| ? | Debt investments (trading) | 121,000 | ||||
| Income taxes receivable | 97,630 | Accumulated depreciation—buildings | 270,200 | |||
| Notes payable (long-term) | 1,600,000 | Buildings | 1,640,000 |
Instructions
Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same.
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