Homework Help is Here – Start Your Trial Now!
Business
Accounting
Stmt of Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity Land $ 270,000 Common Stock 305,000 Retained Earnings 62,000 Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet

Stmt of Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity Land $ 270,000 Common Stock 305,000 Retained Earnings 62,000 Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.

 

Accounts Debit Credit
Cash $14,000  
Accounts Receivable 155,000  
Prepaid Rent 5,000  
Supplies 31,000  
Land 270,000  
Accounts Payable   $13,000
Salaries Payable   12,000
Interest Payable   5,000
Notes Payable (due in two years)   41,000
Common Stock   305,000
Retained Earnings   62,000
Service Revenue   505,000
Salaries Expense 401,000  
Rent Expense 21,000  
Utilities Expense 41,000  
Interest Expense 5,000  
Totals $943,000 $943,000


Required:

3. Prepare a classified balance sheet as of December 31, 2024.

Stmt of Income Stockholders Balance Sheet Equity Statement Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 |Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity 305,000 62,000 Land $ 270,000 Common Stock Retained Earnings Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet
Transcribed Image Text:Stmt of Income Stockholders Balance Sheet Equity Statement Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 |Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity 305,000 62,000 Land $ 270,000 Common Stock Retained Earnings Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Earning per share and Dilutive securities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS