FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 4-13 (Static) Preparing a classified balance sheet LO C1 Use the following selected accounts and amounts with normal balances from Andrea Company's adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable Land Cash Salaries payable S. Andrea, Capital Machinery Prepaid insurance $ 8,000 Accounts receivable 30,000 Accumulated depreciation-Machinery 13,000 Notes payable (due in 7 years). 1,000 Long-term investments in bonds 42,000 Notes receivable (due in 4 years) 20,000 Merchandise inventory 2,000 $ 4,000 16,000 29,000 7,000 15,000 5,000
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Transcribed Image Text:Exercise 4-13 (Static) Preparing a classified balance sheet LO C1 Use the following selected accounts and amounts with normal balances from Andrea Company's adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable Land Cash Salaries payable S. Andrea, Capital Machinery Prepaid insurance $ 8,000 Accounts receivable 30,000 Accumulated depreciation-Machinery 13,000 Notes payable (due in 7 years). 1,000 Long-term investments in bonds 42,000 Notes receivable (due in 4 years) 20,000 Merchandise inventory 2,000 $ 4,000 16,000 29,000 7,000 15,000 5,000
Current assets Cash Accounts receivable Prepaid insurance Merchandise inventory Total current assets Long-term investments Long-term investments in bonds Notes receivable Total long-term investments assets Plant assets Machinery Machinery Accumulated depreciation-Machinery Total plant assets Total assets Current liabilities Accounts payable Salaries payable Total current liabilities Long-term liabilities Notes payable Total long-term liabilities Total liabilities S. Andrea, Capital ANDREA CO. Balance Sheet December 31 Assets Total liabilities and equity Liabilities Equity $ 20,000 $ 13,000 4,000 2,000 5,000 24,000 7,000 15,000 22,000 20,000 16,000 36,000 82,000
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Transcribed Image Text:Current assets Cash Accounts receivable Prepaid insurance Merchandise inventory Total current assets Long-term investments Long-term investments in bonds Notes receivable Total long-term investments assets Plant assets Machinery Machinery Accumulated depreciation-Machinery Total plant assets Total assets Current liabilities Accounts payable Salaries payable Total current liabilities Long-term liabilities Notes payable Total long-term liabilities Total liabilities S. Andrea, Capital ANDREA CO. Balance Sheet December 31 Assets Total liabilities and equity Liabilities Equity $ 20,000 $ 13,000 4,000 2,000 5,000 24,000 7,000 15,000 22,000 20,000 16,000 36,000 82,000
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