Using the following information prepare a classified balance sheet. Make sure it is in the proper columns etc. and in proper format. Accounts Payable 7,074 Accounts Receivable 70,000 Accum Depreciation-Building 1,460 Accum Depreciation-Equipt 396 Accum Depreciation-Furnishings 979 Building 395,400 Cash 6,470 Equipment 64,000 Furnishings 98,000 Interest Payable 400 Land 128,000 Long Term Investments 5,700 Mortgage Payable 329,000 Mortgage Payable-current portion 11,000 Notes Payable 40,000 Other Assets 11,000 Prepaid Insurance 4,400 Retained Earnings 394,841 Supplies 1,200 Food Inventory 1,380 Wages Payable 400
Using the following information prepare a classified
Accounts Payable 7,074
Accum
Accum Depreciation-Equipt 396
Accum Depreciation-Furnishings 979
Building 395,400
Cash 6,470
Equipment 64,000
Furnishings 98,000
Interest Payable 400
Land 128,000
Long Term Investments 5,700
Mortgage Payable 329,000
Mortgage Payable-current portion 11,000
Notes Payable 40,000
Other Assets 11,000
Prepaid Insurance 4,400
Supplies 1,200
Food Inventory 1,380
Wages Payable 400
The financial statement includes income statement, statement of stockholder’s equity and balance sheet. The classified balance sheet indicates the asset, liabilities and equity section at the year end. Under this form of balance sheet, the information is more categorized and classified so as to depend on nature of assets & liabilities like current and non-current. The more categorized presentation has more effective reflection of financial information.
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