A company's post-closing trial balance as of December 31, 2021 is shown below: Accounts Debit Credit Cash $ 22,600 Accounts receivable 23,100 Prepaid insurance 4,700 Supplies 210,000 Long-Term Investments 54,000 Land 47,000 Buildings 280,000 Accumulated depreciation 88,000 Accounts payable 37,400 Notes payable, due 2022 61,000 Interest payable 10,000 Notes payable, due 2031 126,000 Common stock 210,000 Retained earnings 109,000 Totals $ 641,400 $ 641,400 Prepare a classified balance sheet at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)
A company's post-closing trial balance as of December 31, 2021 is shown below: Accounts Debit Credit Cash $ 22,600 Accounts receivable 23,100 Prepaid insurance 4,700 Supplies 210,000 Long-Term Investments 54,000 Land 47,000 Buildings 280,000 Accumulated depreciation 88,000 Accounts payable 37,400 Notes payable, due 2022 61,000 Interest payable 10,000 Notes payable, due 2031 126,000 Common stock 210,000 Retained earnings 109,000 Totals $ 641,400 $ 641,400 Prepare a classified balance sheet at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company's post-closing
| Accounts | Debit | Credit | ||||||
| Cash | $ | 22,600 | ||||||
| 23,100 | ||||||||
| Prepaid insurance | 4,700 | |||||||
| Supplies | 210,000 | |||||||
| Long-Term Investments | 54,000 | |||||||
| Land | 47,000 | |||||||
| Buildings | 280,000 | |||||||
| 88,000 | ||||||||
| Accounts payable | 37,400 | |||||||
| Notes payable, due 2022 | 61,000 | |||||||
| Interest payable | 10,000 | |||||||
| Notes payable, due 2031 | 126,000 | |||||||
| Common stock | 210,000 | |||||||
| 109,000 | ||||||||
| Totals | $ | 641,400 | $ | 641,400 | ||||
Prepare a classified
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