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The following is the adjusted trial balance of Abby Club for the year ended 31...

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Accounting

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The following is the adjusted trial balance of Abby Club for the year ended 31 December 2019. Cr. ) Dr. ($) 84,032 28,600 60,112 23,296 600,000 5,683,688 1,550,640 Abby Club Adjusted Trial Balance 31 December 2019 Cash Accounts receivable Inventories Prepaid expenses Land Buildings Accumulated depreciation - buildings Furniture and equipment (F&E) Accumulated depreciation - F&E China, silver and glassware Long-term investments Accounts payable Accrued expense payable Current portion of mortgage payable Notes payable (due in June 2020) Mortgage payable, net of current portion Common shares Retained earnings Totals 990,704 296,400 94,848 434,720 42,224 24,128 108,472 73,008 3,384,576 1,000,000 1,520,552 8.000.000 8.000.000 Required: (a) Prepare a classified balance sheet for Abby Club as at 31 December 2019. (13 marks) (b) Discuss the purpose and limitations of a balance sheet. (7 marks) Total 20 marks)

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