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These items are taken from the financial statements of Pina Corporation for 2022. Retained earnings (beginning of year)   $32,560 Utilities expense   2,150 Equipment   67,560 Accounts payable   21,790 Cash   11,480 Salaries and wages payable   6,130 Common stock   12,000 Dividends   12,000 Service revenue   72,550 Prepaid insurance   6,630 Maintenance and repairs expense   1,650 Depreciation expense   3,420 Accounts receivable   15,190 Insurance expense   2,380 Salaries and wages expense   41,550 Accumulated depreciation—equipment   18,980       Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)

These items are taken from the financial statements of Pina Corporation for 2022. Retained earnings (beginning of year)   $32,560 Utilities expense   2,150 Equipment   67,560 Accounts payable   21,790 Cash   11,480 Salaries and wages payable   6,130 Common stock   12,000 Dividends   12,000 Service revenue   72,550 Prepaid insurance   6,630 Maintenance and repairs expense   1,650 Depreciation expense   3,420 Accounts receivable   15,190 Insurance expense   2,380 Salaries and wages expense   41,550 Accumulated depreciation—equipment   18,980       Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)

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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These items are taken from the financial statements of Pina Corporation for 2022.

Retained earnings (beginning of year)

   $32,560

Utilities expense

   2,150

Equipment

   67,560

Accounts payable

   21,790

Cash

   11,480

Salaries and wages payable

   6,130

Common stock

   12,000

Dividends

   12,000

Service revenue

   72,550

Prepaid insurance

   6,630

Maintenance and repairs expense

   1,650

Depreciation expense

   3,420

Accounts receivable

   15,190

Insurance expense

   2,380

Salaries and wages expense

   41,550

Accumulated depreciation—equipment

   18,980

 

 

 

Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.) 

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