**Preparing Bosco Company's Classified Balance Sheet**To prepare Bosco Company's classified balance sheet as of December 31, use the following accounts with their normal balances:- **Merchandise Inventory:** $3,000- **Accounts Receivable:** $5,000- **Cash and Equivalents:** $7,000- **Notes Payable (due in 8 years):** $15,000- **Accumulated Depreciation—Buildings:** $22,000- **Land:** $24,000- **Buildings:** $40,000- **Accounts Payable:** $10,000- **Wages Payable:** $2,000- **Common Stock:** $1,000- **Retained Earnings:** $29,000*(Use cells A4 to B14 from the given information to complete this question.)*This balance sheet will help in assessing Bosco Company's financial position as of the specified date by organizing and categorizing the company's assets, liabilities, and equity. **BOSCO COMPANY Balance Sheet***As of December 31*---**Assets**- **Current Assets** - (List of current assets) - Total current assets- **Plant Assets** - (List of plant assets) - Total plant assets- Total assets---**Liabilities**- **Current Liabilities** - (List of current liabilities) - Total current liabilities- **Long-term Liabilities** - (List of long-term liabilities)- Total liabilities---**Equity**- (List of equity components)- Total liabilities and equity---**Description:**This balance sheet template for Bosco Company is organized and color-coded for clarity. Each section—Assets, Liabilities, and Equity—highlights where data should be entered. Current assets and plant assets are separated for detailed accounting. Similarly, liabilities are split into current and long-term to differentiate short-term obligations from longer-term ones. The format ensures that totals for assets, liabilities, and equity are clearly defined, allowing for easy calculation and analysis of the company's financial standing as of December 31.

The balance sheet is a summary of permanent accounts prepared at the end of the accounting period. It is an essential part of financial statements and other than this financial statements include an income statement and cash flow statement change in retained earnings. The balance sheet includes categories of current assets, long-term assets, current liabilities, long-term liabilities, and shareholders' equity.

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Use the following accounts with normal balances to prepare Bosco Company's classified balance sheet as of December 31. Merchandise inventory Accounts receivable Cash and equivalents Notes payable (due in 8 years) Accumulated depreciation-Buildings $3,000 5,000 7,000 15,000 22,000 24,000 40,000 10,000 2,000 1,000 29,000 Land Buildings Accounts payable Wages payable Common stock Retained earnings (Use cells A4 to B14 from the given information to complete this question.)

Use the following accounts with normal balances to prepare Bosco Company's classified balance sheet as of December 31. Merchandise inventory Accounts receivable Cash and equivalents Notes payable (due in 8 years) Accumulated depreciation-Buildings $3,000 5,000 7,000 15,000 22,000 24,000 40,000 10,000 2,000 1,000 29,000 Land Buildings Accounts payable Wages payable Common stock Retained earnings (Use cells A4 to B14 from the given information to complete this question.)

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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H1. Account FILL BOTH TABLES please
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