These items are taken from the financial statements of Rainey Company at December 31, 2021. Buildings $95,800 Accounts receivable 15,600 Prepaid insurance 4,680 Cash 18,840 Equipment 79,400 Land 61,200 Insurance expense 780 Depreciation expense 7,300 Interest expense 2,600 Common stock 57,000 Retained earnings (January 1, 2019) 40,000 Accumulated depreciation—buildings 45,600 Accounts payable 15,500 Mortgage payable 88,600 Accumulated depreciation—equipment 18,720 Interest payable 3,600 Service revenue 17,180 Instructions Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2022.
These items are taken from the financial statements of Rainey Company at December 31, 2021. Buildings $95,800 Accounts receivable 15,600 Prepaid insurance 4,680 Cash 18,840 Equipment 79,400 Land 61,200 Insurance expense 780 Depreciation expense 7,300 Interest expense 2,600 Common stock 57,000 Retained earnings (January 1, 2019) 40,000 Accumulated depreciation—buildings 45,600 Accounts payable 15,500 Mortgage payable 88,600 Accumulated depreciation—equipment 18,720 Interest payable 3,600 Service revenue 17,180 Instructions Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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These items are taken from the financial statements of Rainey Company at December 31, 2021.
Buildings $95,800
Accounts receivable 15,600
Prepaid insurance 4,680
Cash 18,840
Equipment 79,400
Land 61,200
Insurance expense 780
Interest expense 2,600
Common stock 57,000
Accounts payable 15,500
Mortgage payable 88,600
Accumulated depreciation—equipment 18,720
Interest payable 3,600
Service revenue 17,180
Instructions
Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2022.
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