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Prepare a classified balance sheet. (Note: $31,725 of the mortgage note payable is due for payment next year.) (List Property, Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in order of lig Blue Spruce Management Services Balance Sheet Current Assets Cash Accounts Receivable Prepald Insurance Total Current Assets Property, Plant and Equipment Land Buildings Less V Equipment Less V Total Assets Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Current Liabilitles Mortgage Payable Accounts Payable Unearned Rent Revenue V Interest Payable Total Current Liabilities Long-term Liabilitles Mortgage Payable Long-term Liabilities V v ✓ Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Llabilitles and Stockholders' Equity ✓ v Assets 126100 -2900 58900 -3800 Liabilities and Stockholders' Equity V $ 13700 28400 2510 66100 123200 55100 12500 1500 10300 82965 $ $ 44610 244400 289010 126900

Prepare a classified balance sheet. (Note: $31,725 of the mortgage note payable is due for payment next year.) (List Property, Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in order of lig Blue Spruce Management Services Balance Sheet Current Assets Cash Accounts Receivable Prepald Insurance Total Current Assets Property, Plant and Equipment Land Buildings Less V Equipment Less V Total Assets Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Current Liabilitles Mortgage Payable Accounts Payable Unearned Rent Revenue V Interest Payable Total Current Liabilities Long-term Liabilitles Mortgage Payable Long-term Liabilities V v ✓ Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Llabilitles and Stockholders' Equity ✓ v Assets 126100 -2900 58900 -3800 Liabilities and Stockholders' Equity V $ 13700 28400 2510 66100 123200 55100 12500 1500 10300 82965 $ $ 44610 244400 289010 126900

FINANCIAL ACCOUNTING
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. (Note: $31,725 of the mortgage note payable is due for payment next year.) (List Property, Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in order of liquidity.) Blue Spruce Management Services Balance Sheet Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant and Equipment Land Buildings Equipment Less : Accumulated Depreciation-Buildings Total Assets Less: Accumulated Depreciation-Equipment Current Llabilitles Mortgage Payable Accounts Payable Unearned Rent Revenue Interest Payable Total Current Liabilitles Long-term Liabilitles Mortgage Payable Long-term Liabilitles Stockholders' Equity Common Stock ✓ Retained Earnings V Total Stockholders' Equity ✓ V Total Liabilitles and Stockholders' Equity ✓ $ Assets 126100 -2900 58900 -3800 Liabilities and Stockholders' Equity V $ $ 13700 28400 2510 66100 123200 55100 12500 1500 10300 82965 $ $ $ 44610 244400 289010 126900
Transcribed Image Text:Prepare a classified balance sheet. (Note: $31,725 of the mortgage note payable is due for payment next year.) (List Property, Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in order of liquidity.) Blue Spruce Management Services Balance Sheet Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Property, Plant and Equipment Land Buildings Equipment Less : Accumulated Depreciation-Buildings Total Assets Less: Accumulated Depreciation-Equipment Current Llabilitles Mortgage Payable Accounts Payable Unearned Rent Revenue Interest Payable Total Current Liabilitles Long-term Liabilitles Mortgage Payable Long-term Liabilitles Stockholders' Equity Common Stock ✓ Retained Earnings V Total Stockholders' Equity ✓ V Total Liabilitles and Stockholders' Equity ✓ $ Assets 126100 -2900 58900 -3800 Liabilities and Stockholders' Equity V $ $ 13700 28400 2510 66100 123200 55100 12500 1500 10300 82965 $ $ $ 44610 244400 289010 126900
Management Services began business on with a capital investment of $82,965. The company manages condominiums for owners (service revenue) and rents space in its own office building (rent revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land For the Year Ended Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Management Services Worksheet Interest Expense Interest Payable Totals Utilities Expense Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Trial Balance Dr. 13,700 28,400 3,765 66,100 126,100 58,900 22,300 Cr. 12,500 6,000 126,900 82,965 53,100 91,500 28,800 42,300 21,000 19,200 401,765 401,765 Adjusted Trial Balance Dr. Cr. 13,700 28,400 2,510 66,100 126,100 58,900 22,300 42,300 21,000 19,200 1,255 6,700 10,300 418,765 12,500 1,500 126,900 82,965 53,100 91,500 33,300 2,900 3,800 10,300 418,765
Transcribed Image Text:Management Services began business on with a capital investment of $82,965. The company manages condominiums for owners (service revenue) and rents space in its own office building (rent revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land For the Year Ended Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Management Services Worksheet Interest Expense Interest Payable Totals Utilities Expense Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Trial Balance Dr. 13,700 28,400 3,765 66,100 126,100 58,900 22,300 Cr. 12,500 6,000 126,900 82,965 53,100 91,500 28,800 42,300 21,000 19,200 401,765 401,765 Adjusted Trial Balance Dr. Cr. 13,700 28,400 2,510 66,100 126,100 58,900 22,300 42,300 21,000 19,200 1,255 6,700 10,300 418,765 12,500 1,500 126,900 82,965 53,100 91,500 33,300 2,900 3,800 10,300 418,765
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