Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total liabilities and equity $ 43,500 Accounts payable 13,500 Accumulated depreciation-Equipment 5,400 Notes payable (due in 9 years) 6,700 Goodwill 37,000 Accumulated depletion-Silver mine 27,000 Accumulated amortization-Patents 22,000 GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity $ $ 0 0 0 0 0 0 $ 2,708 19,300 18,000 5,700 4,400 2,400
Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Plant assets Total plant assets Intangible assets Total intangible assets Total assets Current liabilities Long-term liabilities Total liabilities Total liabilities and equity $ 43,500 Accounts payable 13,500 Accumulated depreciation-Equipment 5,400 Notes payable (due in 9 years) 6,700 Goodwill 37,000 Accumulated depletion-Silver mine 27,000 Accumulated amortization-Patents 22,000 GREGOR COMPANY Balance Sheet December 31 Assets Liabilities Equity $ $ 0 0 0 0 0 0 $ 2,708 19,300 18,000 5,700 4,400 2,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hh2.
Transcribed Image Text:Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance
sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is
subtracted from patents, and accumulated depletion is subtracted from silver mine.
Common stock
Retained earnings
Patents
Cash
Land
Equipment
Silver mine
Current assets
Plant assets
Total plant assets
Intangible assets
Total intangible assets
Total assets
Current liabilities
Long-term liabilities
Total liabilities
Total liabilities and equity
$ 43,500 Accounts payable
13,500 Accumulated depreciation-Equipment
5,400 Notes payable (due in 9 years)
6,700 Goodwill
37,000 Accumulated depletion-Silver mine
27,000 Accumulated amortization-Patents
22,000
GREGOR COMPANY
Balance Sheet
December 31
Assets
Liabilities
Equity
$
$
0
0
0
0
0
0
$ 2,708
19,300
18,000
5,700
4,400
2,400
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