Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Current assets Total current assets Long-term investments Total assets BENNETT COMPANY Balance Sheet December 31 Assets Current liabilities Long term labios Total abilities Liabilities Equity Total quity Total abilities and equity S S 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepaid rent
Accounts receivable
Cash
Comon stock
Retained earnings
Current assets
Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's
balance sheet.
Total assets
otal current assets
Long-term Investments
Current labies
BENNETT COMPANY
Balance Sheet
Long term is
Total abilities
December 31
Assets
Liabilities
$ 2,700 Accounts payable
18,500 Allowance for doubtful accounts
29,098 Notes payable (due in 10 years)
13,500 Notes receivable (due in 4 years)
24,200
Equity
Total quity
Total abilities and equity
5
S
0
0
$ 4,200
1,000
11,400
0
Transcribed Image Text:Prepaid rent Accounts receivable Cash Comon stock Retained earnings Current assets Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Total assets otal current assets Long-term Investments Current labies BENNETT COMPANY Balance Sheet Long term is Total abilities December 31 Assets Liabilities $ 2,700 Accounts payable 18,500 Allowance for doubtful accounts 29,098 Notes payable (due in 10 years) 13,500 Notes receivable (due in 4 years) 24,200 Equity Total quity Total abilities and equity 5 S 0 0 $ 4,200 1,000 11,400 0
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