Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. preparing a classified balance sheet from the foll

Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a...

60.1K

Verified Solution

Question

Accounting

image

Preparing a Classified Balance Sheet From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Oakland Wholesalers as of December 31. All accounts have normal balances. Accounts Payable $50,000 Inventory $117,000 Accounts Receivable 40,000 Land 39,000 Building 67,000 Mortgage Payable (long term) 79,000 Cash 28,000 Office Supplies 1,000 Common Stock 120,000 Retained Earnings Salaries Payable 7,000 ? OAKLAND WHOLESALERS Balance Sheet December 31 Liabilities & Stockholders' Equity Current Liabilities: Assets Current Assets $ $ 0 0 0 0 Salaries payable Total Current Liabilities Inventory 0 0 0 Total Current Assets 0 Long-Term Liabilities: 0 Noncurrent Assets: Total Long-term Liabilities: 0 0 Building 0 Total Liabilities 0 Total Long-Term Assets 0 Stockholders' Equity 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity 0 0 Total Assets $ $

Answer & Explanation Solved by verified expert
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

Other questions asked by students