Prepare a classified balance sheet (using good form-be sure to show different classes) for the Lee Company. The company had the following items on Dec. 31, 2012, (note this is a partial list of all accounts in the adjusted trial balance): Cash Wages Payable Goodwill $30,000 $4,000 $10,000 Notes Payable (due in 3 years) $50,000 Accumulated Depreciation- Equipment Revenues Operating Expenses Cost of Goods Sold $20,000 $100,000 $20,000 $45,000 Equipment Retained Earnings Accounts Receivable Land Inventory Common Stock Sales Discounts Sales Returns Accounts Payable $100,000 ???--solve for this $50,000 $120,000 $40,000 $100,000 $1,000 $500 $7,000 Additional notes that the bookkeeper wanted brought to your attention: (1) Lee's Accounts Receivable balance includes a $3,000 for an allowance for uncollectibles (2) Lee's Land account consists of $90,000 that is used by the business, and a $30,000 parcel that is held for future use. (3) The Cash balance of $30,000 is composed of the following: $20,000 held at the USA bank in checking; $10,000 in an account restricted for repayment of the note payable (a sinking fund).

Prepare a classified balance sheet (using good form-be sure to show different classes) for the Lee Company. The company had the following items on Dec. 31, 2012, (note this is a partial list of all accounts in the adjusted trial balance): Cash Wages Payable Goodwill $30,000 $4,000 $10,000 Notes Payable (due in 3 years) $50,000 Accumulated Depreciation- Equipment Revenues Operating Expenses Cost of Goods Sold $20,000 $100,000 $20,000 $45,000 Equipment Retained Earnings Accounts Receivable Land Inventory Common Stock Sales Discounts Sales Returns Accounts Payable $100,000 ???--solve for this $50,000 $120,000 $40,000 $100,000 $1,000 $500 $7,000 Additional notes that the bookkeeper wanted brought to your attention: (1) Lee's Accounts Receivable balance includes a $3,000 for an allowance for uncollectibles (2) Lee's Land account consists of $90,000 that is used by the business, and a $30,000 parcel that is held for future use. (3) The Cash balance of $30,000 is composed of the following: $20,000 held at the USA bank in checking; $10,000 in an account restricted for repayment of the note payable (a sinking fund).

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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