The following items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022:Accounts payable $ 17,200 Accounts receivable 7,000 Accumulated depreciation—equipment 5,000 Bonds payable 17,000 Cash 22,000 Common stock 26,400 Cost of goods sold 27,600 Depreciation expense 5,700 Dividends 5,200 Equipment 40,000 Interest expense 2,000 Patents 5,180 Retained earnings, January 1, 2022 5,700 Salaries and wages expense 5,300 Sales revenue 51,500 Supplies 2,820Net income/loss is $10,900.Prepare a classified balance sheet for Blue Spruce Company. (List Current assets in order of liquidity.) Net income is $10,900. Liabilities and Stockholders' Equity$$$ Assets$2$

This question deals with the preparation of classified balance sheet. Classified balance sheet…

Answered: The following items are taken from the…

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 items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022:

Accounts payable		$ 17,200
Accounts receivable		7,000
Accumulated depreciation—equipment		5,000
Bonds payable		17,000
Cash		22,000
Common stock		26,400
Cost of goods sold		27,600
Depreciation expense		5,700
Dividends		5,200
Equipment		40,000
Interest expense		2,000
Patents		5,180
Retained earnings, January 1, 2022		5,700
Salaries and wages expense		5,300
Sales revenue		51,500
Supplies		2,820