The following accounts were extracted from Salem Companyby end of the year:
Accounts payable
Accounts receivable
Accumulated depreciation- Building
Accumulated depreciation-equipment
Bonds payable
Buildings
Cash
Copyright
Equipment
Inventory
Investment (long term
Investment in six-month securities
Capital
Land
Prepaid rennet
Revenue received in advance
Required:
- List the main items of the classified financial position.
- Prepare the balance sheet format out of the aboveaccounts.
