Intermediate Accounting (2nd Edition)
Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 6, Problem 6.6BE

Classified Balance Sheet, Report Format. Martell Manufacturing Incorporated provided the following list of account balances for the current year ended December 31.

Account Debit Credit
Accounts receivable $ 300,000
Bonds payable, due in 20 years $ 400,000
Investments at fair value (trading) 58,000
Accounts payable 175,000
Additional paid-in capital 587,000
Accumulated other comprehensive loss 165,300
Current portion of long-term debt 25,000
Property, plant, and equipment - net 1,264,500
Dividends payable 135.000
Merchandise inventory 254,000
Income taxes payable 65,800
Cash 145,000
Notes payable, due in 5 years 138,500
Retained earnings 625,500
Common stock, $1 par value 35,000
Totals $2,186,800 $2,186,800

Prepare a classified balance sheet for the current year using the report format.

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Chapter 6 Solutions

Intermediate Accounting (2nd Edition)

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