The December 31, 2021, post-closing trial balance for Chile Corporation is presented below: Accounts Debit Credit Cash $ 22,600 22,900 Accounts Receivable 4,400 Prepaid Insurance Supplies 210,000 Long-Term Investments 52,000 Land 44,000 Buildings 275,000 Accumulated Depreciation Accounts Payable Notes Payable, due < 1 year Notes Payable, due in 6 years Interest Payable, due < 1 year Common stock Retained Earnings Totals Prepare a classified balance sheet for the company as of December 31, 2021. (Amounts to be deducted should indicated with a minus sign.) Current Assets: Total current assets Long-term assets: 80,000 37,000 63,000 121,000 10,000 230,000 89,900 $630,900 $630,900 Total long-term assets Assets CHILE CORPORATION Balance Sheet As of December 31, 2021 $ 0 Current liabilities: Liabilities and Stockholders' Equity Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity: 0 Total stockholders' equity $ 0 0

The December 31, 2021, post-closing trial balance for Chile Corporation is presented below: Accounts Debit Credit Cash $ 22,600 22,900 Accounts Receivable 4,400 Prepaid Insurance Supplies 210,000 Long-Term Investments 52,000 Land 44,000 Buildings 275,000 Accumulated Depreciation Accounts Payable Notes Payable, due < 1 year Notes Payable, due in 6 years Interest Payable, due < 1 year Common stock Retained Earnings Totals Prepare a classified balance sheet for the company as of December 31, 2021. (Amounts to be deducted should indicated with a minus sign.) Current Assets: Total current assets Long-term assets: 80,000 37,000 63,000 121,000 10,000 230,000 89,900 $630,900 $630,900 Total long-term assets Assets CHILE CORPORATION Balance Sheet As of December 31, 2021 $ 0 Current liabilities: Liabilities and Stockholders' Equity Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity: 0 Total stockholders' equity $ 0 0

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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