Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700

Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700

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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Adjusted Trial Balance	Debit	Credit
Cash and equivalents	$ 4,100
Accounts receivable	2,100
Merchandise inventory	5,100
Prepaid insurance	1,100
Land	20,100
Accounts payable		$ 3,100
M. Lima, Capital		26,500
Sales		17,100
Cost of goods sold	8,100
Wages expense	6,100
Totals	$ 46,700	$ 46,700

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