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Below is the account information for UMPI Corporation. Prepare a classified balance sheet in report form...

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Accounting

Below is the account information for UMPI Corporation. Prepare aclassified balance sheet in report form for the company as ofDecember 31, 2018. Prepare a balance sheet as of December 31,2020.

Equipment 60,000

Interest Payable 250

Retained Earnings ?

Dividends Payable 50,000

Land 140,000

Accounts Receivable 102,000

Bonds Payable (long-term) 78,000

Notes Payable (due in 6 months) 29,000

Common Stock 70,000

Accumulated Depreciation - Equip. 10,000

Prepaid Advertising 5,000

Buildings 80,000

Supplies 1,000

Income Taxes Payable 3,000

Salaries and Wages Payable 900

A/D - Building 15,000

Cash 95,000

Answer & Explanation Solved by verified expert
3.9 Ratings (677 Votes)

UMPI Corporation
Classified Balance sheet as of December 31, 2018
$
ASSETS
Current Assets
Cash 95,000
Accounts receivables 102,000
Supplies 1,000
Prepaid Advertising 5,000
Total current assets 203,000
Fixed Assets
Land 140,000
Buildings 80,000
Accumulated depreciation -15,000
Equipment 60,000
Accumulated depreciation -10,000
Total non-current assets 255,000
Total Assets 458,000
LIABILITIES AND EQUITY
Current liabilities
Notes Payable- due in six months 29,000
salaries payable 900
Interest payable 250
Income tax payable 3,000
Dividend payable 50,000
Total current liabilities 83,150
Long term Liabilities
Bonds payable (long-term) 78,000
Total Long term Liabilities 78,000
Shareholders' Equity
Common stock 70,000
Retained earnings 226,850
Total Shareholders' Equity 296,850
Total liabilities and equity 458,000

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