Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment depreciation-building 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment depreciation-building 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

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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