Prepare a classified balance sheet in proper form. UnadjustedAdjustedAccount TitleTrial BalanceAdjustmentsTrial BalanceIncome StatementBalance SheetDRCRDRCRDRCRDRCRDRCRCash136,789378,956136,789378,956Accounts ReceivableAllowance for Doubtful Accounts16,78221,14537,927Interest Receivable588588Note Receivable150,000361,866150,000361,86650,000Merchandise InventoryPrepaid InsurancePrepaid RentSuppliesEquipmentAccumulated Depreciation - EquipmentAccounts PayableSalaries & Wages Payable60,00010,00030,00046,777400,00010,00044,27720,0002,50075,00075,00051,709150,00051,70970,00070,000Unearned Revenue24,0002,00022,000Interest PayableUtilities PayableNote Payable (final payment due 2023)1,5757,0001,5757,000350,000270,600350,000Common Stock270,600424,500Retained Earnings424,500Dividends120,000120,000Sales4,050,8644,050,86437,933Consulting RevenueSales Returns and Allowances35,9332,000300,000100,000300,000100,000Sales DiscountsCost of Goods Sold1,950,0001,200,0001,950,0001,270,00075,00021,145Salaries & Wages ExpenseDepreciation Expense - EquipmentBad Debt ExpenseInsurance ExpenseRent ExpenseSupplies ExpenseUtilities Expense70,00075,00021,14510,00010,00010,00010,00044,2777,00044,27765,00058,000Interest Revenue588588Interest Expense1,5751,5755,299,3885,299,388241,584241,5855,540,9725,540,973Net Income

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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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Prepare a classified balance sheet in proper form.

Unadjusted
Adjusted
Account Title
Trial Balance
Adjustments
Trial Balance
Income Statement
Balance Sheet
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
136,789
378,956
136,789
378,956
Accounts Receivable
Allowance for Doubtful Accounts
16,782
21,145
37,927
Interest Receivable
588
588
Note Receivable
150,000
361,866
150,000
361,866
50,000
Merchandise Inventory
Prepaid Insurance
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Salaries & Wages Payable
60,000
10,000
30,000
46,777
400,000
10,000
44,277
20,000
2,500
75,000
75,000
51,709
150,000
51,709
70,000
70,000
Unearned Revenue
24,000
2,000
22,000
Interest Payable
Utilities Payable
Note Payable (final payment due 2023)
1,575
7,000
1,575
7,000
350,000
270,600
350,000
Common Stock
270,600
424,500
Retained Earnings
424,500
Dividends
120,000
120,000
Sales
4,050,864
4,050,864
37,933
Consulting Revenue
Sales Returns and Allowances
35,933
2,000
300,000
100,000
300,000
100,000
Sales Discounts
Cost of Goods Sold
1,950,000
1,200,000
1,950,000
1,270,000
75,000
21,145
Salaries & Wages Expense
Depreciation Expense - Equipment
Bad Debt Expense
Insurance Expense
Rent Expense
Supplies Expense
Utilities Expense
70,000
75,000
21,145
10,000
10,000
10,000
10,000
44,277
7,000
44,277
65,000
58,000
Interest Revenue
588
588
Interest Expense
1,575
1,575
5,299,388
5,299,388
241,584
241,585
5,540,972
5,540,973
Net Income

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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