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5 QS 7-16 Preparing a balance sheet LO P2, P4, C3 Selected accounts from Bennett...

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Accounting

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5 QS 7-16 Preparing a balance sheet LO P2, P4, C3 Selected accounts from Bennett Co.'s adjusted trial balance for the year ended December 31 follow. Prepaid rent Accounts receivable Cash Total equity $ 1,100 10,500 13,000 19,400 Accounts payable Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) $ 2,600 600 6,100 4,100 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receiv balance sheet Answer is not complete. BENNETT CO. Balance Sheet December 31 Assets Current assets Prepaid rent 1,100 Accounts receivable 10,500 11,600 Total current assets Long-term investments Nntas receivable 4 100 Check my work mode : This 36 BENNETT CO. 0.67 points Balance Sheet December 31 Assets Current assets Prepaid rent Accounts receivable $ 1,100 10,500 11,600 Total current assets Long-term investments Notes receivable 4,100 15,700 Total assets Liabilities Current liabilities Accounts payable 2,600 Long-term liabilities Notes payable 6,100 8,700 Total liabilities Equity Total equity Total liabilities and equity 7,000 15,700 $ Mc Grow HII

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