These items are taken from the financial statements of Oliver Co. at December 31, 2018. Buildings$105,800Accounts receivable12,600Prepaid insurance3,200Cash11,900Equipment82,400Land61,200Insurance expense780Depreciation expense5,300Interest expense2,600Common stock60,000Retained earnings (January 1, 2017)40,000Accumulated depreciation—buildings45,700Accounts payable9,380Notes payable93,600Accumulated depreciation—equipment18,800Interest payable3,600Service revenue14,700 InstructionsPrepare a classified balance sheet. Assume that $12,600 of the note payable will be paid in 2019.OLIVER COMPANY

Classified BS (Balance Sheet): It is a financial statement that classifies the liabilities and…

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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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Question

These items are taken from the financial statements of Oliver Co. at December 31, 2018.

Buildings	$105,800
Accounts receivable	12,600
Prepaid insurance	3,200
Cash	11,900
Equipment	82,400
Land	61,200
Insurance expense	780
Depreciation expense	5,300
Interest expense	2,600
Common stock	60,000
Retained earnings (January 1, 2017)	40,000
Accumulated depreciation—buildings	45,700
Accounts payable	9,380
Notes payable	93,600
Accumulated depreciation—equipment	18,800
Interest payable	3,600
Service revenue	14,700

Instructions

Prepare a classified balance sheet. Assume that $12,600 of the note payable will be paid in 2019.OLIVER COMPANY

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