prepare classified balance sheet using the following informationbuilding not in use $22100 long term...

80.2K

Verified Solution

Question

Accounting

prepare classified balance sheet using the following informationbuilding not in use $22100 long term notes payable $20000 interestpayable $420 deposit for advertising $1840 salaries payable $3850cash $21400 accounts payable $62300 trademark $2000 Accumulateddepreciation equipment $1420 deliver equipment $ 21600 land $15700notes receivable $143500 prepaid insurance $2400 income tax payable$1890 common stock $145000 office supplies $220 prepaid rent $1050merchandise inventory $72500 sales supplies $650 investment (stocksand bonds) $17150. what is retained earnings?

Answer & Explanation Solved by verified expert

3.9 Ratings (496 Votes)

Answer Required balance sheet is as following Balance Sheet As on Assets Current Assets Cash 21400 Sales supplies 650 office supplies 220 Inventory 72500 Prepaid rent 1050 Prepaid insurance 2400 Notes receivable 143500 Total current assets 241720 Fixed LongTerm Assets Building 22100 Land 15700 See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: Accountingprepare classified balance sheet using the following informationbuilding not in use $22100 long term notes...prepare classified balance sheet using the following informationbuilding not in use $22100 long term notes payable $20000 interestpayable $420 deposit for advertising $1840 salaries payable $3850cash $21400 accounts payable $62300 trademark $2000 Accumulateddepreciation equipment $1420 deliver equipment $ 21600 land $15700notes receivable $143500 prepaid insurance $2400 income tax payable$1890 common stock $145000 office supplies $220 prepaid rent $1050merchandise inventory $72500 sales supplies $650 investment (stocksand bonds) $17150. what is retained earnings?