Selected accounts from Bennett Company’s adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,000 Accounts payable $ 2,500 Accounts receivable 10,000 Allowance for doubtful accounts 500 Cash 12,000 Notes payable (due in 10 years) 6,000 Common stock 5,000 Notes receivable (due in 4 years) 4,000 Retained earnings 13,000 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company’s balance sheet.
Selected accounts from Bennett Company’s adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,000 Accounts payable $ 2,500 Accounts receivable 10,000 Allowance for doubtful accounts 500 Cash 12,000 Notes payable (due in 10 years) 6,000 Common stock 5,000 Notes receivable (due in 4 years) 4,000 Retained earnings 13,000 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company’s balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Selected accounts from Bennett Company’s adjusted
| Prepaid rent | $ 1,000 | Accounts payable | $ 2,500 |
| 10,000 | Allowance for doubtful accounts | 500 | |
| Cash | 12,000 | Notes payable (due in 10 years) | 6,000 |
| Common stock | 5,000 | Notes receivable (due in 4 years) | 4,000 |
| 13,000 |
Prepare a classified
Transcribed Image Text:Current assets
BENNETT COMPANY
Balance Sheet
December 31
Assets
Total current assets
Long-term investments
Total assets
Current liabilities
Long-term liabilities
Liabilities
Transcribed Image Text:Total liabilities
Equity
Total equity
Total liabilities and equity
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