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Required: Prepare a properly classified balance sheet for the McCain Company on December 31, 2017.

Required: Prepare a properly classified balance sheet for the McCain Company on December 31, 2017.

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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Please solve this using the proper order of "categories"(assets, liabilities and srockholders equity), including the proper order for the information inside each category. Thanks

Listed below (in random order) are all of the December 31, 2017 balance sheet accounts of the McCain Company. Land $10,500 2,400 Sinking fund for bond retirement Discount on bonds payable Equipment Preferred stock, $100 par Accumulated depreciation, buildings Investment in bonds held to maturity Accrued wages Additional paid-in capital on common stock Buildings Bonds payable (due 2020) Office supplies Retained eamings 900 14,000 5,000 5,500 4,000 1,950 3,500 17,500 13,000 750 14,150 10,000 7,650 5,650 Inventory Accounts receivable Accounts payable Prepaid insurance Common stock, $10 par Allowance for doubtful accounts Interest payable 900 6,750 250 1,500 4,500 1,150 750 Cash Treasury stock (at cost) Dividends payable Additional paid-in capital on preferred stock Notes payable (due 1/1/20) 1,000 8,000
Transcribed Image Text:Listed below (in random order) are all of the December 31, 2017 balance sheet accounts of the McCain Company. Land $10,500 2,400 Sinking fund for bond retirement Discount on bonds payable Equipment Preferred stock, $100 par Accumulated depreciation, buildings Investment in bonds held to maturity Accrued wages Additional paid-in capital on common stock Buildings Bonds payable (due 2020) Office supplies Retained eamings 900 14,000 5,000 5,500 4,000 1,950 3,500 17,500 13,000 750 14,150 10,000 7,650 5,650 Inventory Accounts receivable Accounts payable Prepaid insurance Common stock, $10 par Allowance for doubtful accounts Interest payable 900 6,750 250 1,500 4,500 1,150 750 Cash Treasury stock (at cost) Dividends payable Additional paid-in capital on preferred stock Notes payable (due 1/1/20) 1,000 8,000
Preferred stock, $100 par Accumulated depreciation, buildings Investment in bonds held to maturity Accrued wages Additional paid-in capital on common stock Buildings Bonds payable (duc 2020) Office supplies Retained carnings 5,000 5,500 4,000 1,950 3,500 17,500 13,000 750 14,150 10,000 7,650 5,650 900 Inventory Accounts receivable Accounts payable Prepaid insurance Common stock, $10 par 6,750 250 1,500 4,500 1,150 Allowance for doubtful accounts Interest payable Cash Treasury stock (at cost) Dividends payable Additional paid-in capital on preferred stock Notes payable (due 1/1/20) Income taxes payable (current) Accumulated depreciation, equipment 750 1,000 8,000 3,000 4,250 Required: Prepare a properly classified balance sheet for the McCain Company on December 31, 2017.
Transcribed Image Text:Preferred stock, $100 par Accumulated depreciation, buildings Investment in bonds held to maturity Accrued wages Additional paid-in capital on common stock Buildings Bonds payable (duc 2020) Office supplies Retained carnings 5,000 5,500 4,000 1,950 3,500 17,500 13,000 750 14,150 10,000 7,650 5,650 900 Inventory Accounts receivable Accounts payable Prepaid insurance Common stock, $10 par 6,750 250 1,500 4,500 1,150 Allowance for doubtful accounts Interest payable Cash Treasury stock (at cost) Dividends payable Additional paid-in capital on preferred stock Notes payable (due 1/1/20) Income taxes payable (current) Accumulated depreciation, equipment 750 1,000 8,000 3,000 4,250 Required: Prepare a properly classified balance sheet for the McCain Company on December 31, 2017.
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