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The following accounts were extracted from Salem Company by end of the year: Accounts payable       Accounts receivable Accumulated depreciation-...

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Accounting

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.

Answer & Explanation Solved by verified expert
3.7 Ratings (389 Votes)
Main items are as below Assets It includes current assets longterm investments fixed assets and intangible assets Liabilities It includes current liabilities and longterm    See Answer
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