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Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020. Include the proper balance sheet classifications with separate captions for current assets; property, plant, and equipment; intangible assets; and other assets. Assume that a I require amortization entries have been made. Note: List all accounts within each balance sheet category in alphabetical order. Lawrence Corp. Balance Sheet-Selected Balances December 31, 2020 Assets Current Assets Property, plant, and equipment Intangible assets Other assets + 0 + + + • # • A • S

Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020. Include the proper balance sheet classifications with separate captions for current assets; property, plant, and equipment; intangible assets; and other assets. Assume that a I require amortization entries have been made. Note: List all accounts within each balance sheet category in alphabetical order. Lawrence Corp. Balance Sheet-Selected Balances December 31, 2020 Assets Current Assets Property, plant, and equipment Intangible assets Other assets + 0 + + + • # • A • S

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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Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. Cash $17,600 Trademark Patent, net 5,600 Prepaid insurance (two-thirds is long-term) 36,000 Copyright, net Accounts receivable (net of allowance) Prepaid rent expense (current) Marketable equity securities (current) Franchise, net 400 Equipment (net of accumulated depreciation) 20,000 Notes receivable, trade (short-term) 7,200 R&D expense 1,200 Noncompete agreement 24,000 Rent revenue receivable (current) Goodwill Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020. Include the proper balance sheet classifications with separate captions for current assets; property, plant, and equipment; intangible assets; and other assets. Assume that all required amortization entries have been made. Note: List all accounts within each balance sheet category in alphabetical order. Assets Current Assets Lawrence Corp. Balance Sheet-Selected Balances December 31, 2020 Property, plant, and equipment Intangible assets Other assets Total Accote ◆ ♦ + ◆ ◆ + + ◆ ◆ ◆ ♦ ♦ + ◆ $ $7,600 2,400 4,800 120,000 4,000 15,600 4,800 $
Transcribed Image Text:Classifying Intangible Costs on the Balance Sheet The adjusted trial balance of Lawrence Corporation showed the following selected account balances (all debits) at December 31, 2020, the end of the annual reporting period. Cash $17,600 Trademark Patent, net 5,600 Prepaid insurance (two-thirds is long-term) 36,000 Copyright, net Accounts receivable (net of allowance) Prepaid rent expense (current) Marketable equity securities (current) Franchise, net 400 Equipment (net of accumulated depreciation) 20,000 Notes receivable, trade (short-term) 7,200 R&D expense 1,200 Noncompete agreement 24,000 Rent revenue receivable (current) Goodwill Required Prepare the asset section of Lawrence's balance sheet at December 31, 2020. Include the proper balance sheet classifications with separate captions for current assets; property, plant, and equipment; intangible assets; and other assets. Assume that all required amortization entries have been made. Note: List all accounts within each balance sheet category in alphabetical order. Assets Current Assets Lawrence Corp. Balance Sheet-Selected Balances December 31, 2020 Property, plant, and equipment Intangible assets Other assets Total Accote ◆ ♦ + ◆ ◆ + + ◆ ◆ ◆ ♦ ♦ + ◆ $ $7,600 2,400 4,800 120,000 4,000 15,600 4,800 $
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