Balance SheetAs of December 31, 2020AssetsCurrent assetsCashAccounts receivable5.Less: Allowance for doubtful accountsShort-term investmentsInventoryRaw materialsWork in process수InvestmentsProperty, plant, and equipmentPlant equipmentOther assetsLiabilities and Stockholders EquityCurrent liabilitiesAccounts payableLong-term liabilitiesStockholders' equityCommon stockPlease answer all parts of the question.O o ooo olo Preparing a Classified Balance SheetThe ledger of Bama Inc. had the following account balances on December 31, 2020.Accounts payable$13.280 Office equipment$3,800Accounts receivableAccrued expenses (credit)3800 Raw materials inventory320 Allowance for bad debts3.840200Bonds payable, nCommon stock (S100 par)CashRetained earningp (to be computed)10.000 Accumulated depreciation3,60028.000 Rent expense paid in advance on a short-term lease 1.2004.000 Sinking fund to retire long term debt7 Land held for future plant site28005,600Plant equipment12,400 Note receivable. 9, due 20222.700Pirished goods inventoryinvestments5240 Work in process inventory205.200*Of the balance in the investments account, $1,600 will be converted to cash in the coming year the remainder is a long-term investment.RequiredPrepare a classified balance sheet for Bama Inc on December 31, 2020.• Do not use negative signs with any of your answers.• List investments in the order of the largest dollar amount to the smallest dollar amount

based on the trial balance we need to prepare the balance sheet as on 31 December 2020 the balancing…

Answered: Preparing a Classified Balance Sheet…

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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