Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow. Prepaid rent Accounts receivable Cash Total equity Current assets BENNETT CO. Balance Sheet December 31 Assets $ 1,000 10,000 12,000 10,000 Total current assets Long-term investments Accounts payable Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the com balance sheet. $ 2,500 500 0 6,000 4,000
Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow. Prepaid rent Accounts receivable Cash Total equity Current assets BENNETT CO. Balance Sheet December 31 Assets $ 1,000 10,000 12,000 10,000 Total current assets Long-term investments Accounts payable Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the com balance sheet. $ 2,500 500 0 6,000 4,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:es
Current assets
Total current assets
Long-term investments
Total assets
Current liabilities
Balance Sheet
December 31
Assets
Long-term liabilities
Total liabilities
Liabilities
Equity
Total equity
Total liabilities and equity
$
0
0
Transcribed Image Text:Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow.
Prepaid rent
Accounts receivable
$ 1,000
10,000
12,000
18,000
Cash
Total equity
Current assets
Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's
balance sheet.
BENNETT CO.
Balance Sheet
December 31
Assets
Total current assets
Long-term investments
Total assets
Liabilities
Accounts payable
Allowance for doubtful accounts
Notes payable (due in 10 years)
Notes receivable (due in 4 years)
$
$ 2,500
500
6,000
4,000
0
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