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These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance. Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900

These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance. Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900

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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Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Service revenue 8,000 2,400 58,500 37,230 45,700 16,300 87,900 18,590 3,700 17,700 Prepare a classified balance sheet. Assume that $14,500 of the mortgage payable will be paid in 2026. (List Current assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.) ACME MANUFACTURING COMPANY Balance Sheet
Transcribed Image Text:Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Service revenue 8,000 2,400 58,500 37,230 45,700 16,300 87,900 18,590 3,700 17,700 Prepare a classified balance sheet. Assume that $14,500 of the mortgage payable will be paid in 2026. (List Current assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.) ACME MANUFACTURING COMPANY Balance Sheet
These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900
Transcribed Image Text:These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900
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