Use the following selected accounts and amounts with normal balances from Juan Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable $ 1,000 Accounts receivable $ 7,000 Building 100,000 Accumulated depreciation—Building 30,000 Cash 18,000 Notes payable (due in 5 years) 51,000 Interest payable 2,000 Notes receivable (due in 14 years) 20,000 Common stock 10,000 Accounts payable 11,000 Retained earnings 40,000
Use the following selected accounts and amounts with normal balances from Juan Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable $ 1,000 Accounts receivable $ 7,000 Building 100,000 Accumulated depreciation—Building 30,000 Cash 18,000 Notes payable (due in 5 years) 51,000 Interest payable 2,000 Notes receivable (due in 14 years) 20,000 Common stock 10,000 Accounts payable 11,000 Retained earnings 40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Use the following selected accounts and amounts with normal balances from Juan Company’s adjusted
| Wages payable | $ 1,000 | $ 7,000 | |
| Building | 100,000 | 30,000 | |
| Cash | 18,000 | Notes payable (due in 5 years) | 51,000 |
| Interest payable | 2,000 | Notes receivable (due in 14 years) | 20,000 |
| Common stock | 10,000 | Accounts payable | 11,000 |
| 40,000 |
Transcribed Image Text:JUAN COMPANY
Balance Sheet
December 31
Expert Solution
Step 1
JUAN COMPANY
BALANCE SHEET
December 31
| PARTICULARS | AMOUNT ($) |
| Assets | |
| Current Assets | |
| Cash | $ 18,000 |
| Account Receivable | 7,000 |
| Total Current Assets (A) | 25,000 |
| Notes Receivable (B) | 20,000 |
| Property plant and equipment | |
| Building | 100,000 |
| Less: Accumulated Depreciation | 30,000 |
| Total Property plant and equipment (C) | 70,000 |
| Total Assets (A+B+C) | 115,000 |
| Liabilities & owner's equity | |
| Current Liabilities | |
| Interest Payable | 2,000 |
| Accoungts Payable | 11,000 |
| Wages Payable | 1,000 |
| Total current Liabilities | 14,000 |
| Notes Payable | 51,000 |
| Total Liabilities (A) | 65,000 |
| Common Stock | 10,000 |
| Retained Earnings | 40,000 |
| Total Stockholder's Equity (B) | 50,000 |
| Total Liabilities & owner's equity (A+B) | $ 115,000 |
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