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
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
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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Question
These items are taken from the financial statements of Oliver Co. at December 31, 2018.
|
Buildings |
$105,800 |
||
|
|
12,600 |
||
|
Prepaid insurance |
3,200 |
||
|
Cash |
11,900 |
||
|
Equipment |
82,400 |
||
|
Land |
61,200 |
||
|
Insurance expense |
780 |
||
|
|
5,300 |
||
|
Interest expense |
2,600 |
||
|
Common stock |
60,000 |
||
|
|
40,000 |
||
|
|
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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