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The following information is available for Blossom Bowling Alley at December 31, 2022. Buildings $127,500 Owner's Capital $122,830 Accounts Receivable 14,500 Accumulated Depreciation-Buildings 42,500 Prepaid Insurance 4,650 Accounts Payable 13,100 Cash 18,040 Notes Payable 97.580 Equipment 63,800 Accumulated Depreciation-Equipment 18,570 Land 72,000 Interest Payable 3,200 Insurance Expense 780 Bowling Revenues 14,180 Depreciation Expense 7,490 Interest Expense 3,200 Prepare a classified statement of financial position. Assume that $15,100 of the notes payable will be paid in 2023. (List Current Assets in reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

The following information is available for Blossom Bowling Alley at December 31, 2022. Buildings $127,500 Owner's Capital $122,830 Accounts Receivable 14,500 Accumulated Depreciation-Buildings 42,500 Prepaid Insurance 4,650 Accounts Payable 13,100 Cash 18,040 Notes Payable 97.580 Equipment 63,800 Accumulated Depreciation-Equipment 18,570 Land 72,000 Interest Payable 3,200 Insurance Expense 780 Bowling Revenues 14,180 Depreciation Expense 7,490 Interest Expense 3,200 Prepare a classified statement of financial position. Assume that $15,100 of the notes payable will be paid in 2023. (List Current Assets in reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

FINANCIAL ACCOUNTING
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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The following information is available for Blossom Bowling Alley at December 31, 2022. Buildings $127,500 Owner's Capital $122,830 Accounts Receivable 14,500 Accumulated Depreciation-Buildings 42,500 Prepaid Insurance 4,650 Accounts Payable 13,100 Cash 18,040 Notes Payable 97.580 Equipment 63,800 Accumulated Depreciation-Equipment 18,570 Land 72,000 Interest Payable 3,200 Insurance Expense 780 Bowling Revenues 14,180 Depreciation Expense 7,490 Interest Expense 3,200 Prepare a classified statement of financial position. Assume that $15,100 of the notes payable will be paid in 2023. (List Current Assets in reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
Transcribed Image Text:The following information is available for Blossom Bowling Alley at December 31, 2022. Buildings $127,500 Owner's Capital $122,830 Accounts Receivable 14,500 Accumulated Depreciation-Buildings 42,500 Prepaid Insurance 4,650 Accounts Payable 13,100 Cash 18,040 Notes Payable 97.580 Equipment 63,800 Accumulated Depreciation-Equipment 18,570 Land 72,000 Interest Payable 3,200 Insurance Expense 780 Bowling Revenues 14,180 Depreciation Expense 7,490 Interest Expense 3,200 Prepare a classified statement of financial position. Assume that $15,100 of the notes payable will be paid in 2023. (List Current Assets in reverse order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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