QS 4-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable Accumulated Depreciation-Buildings Prepare a classified balance sheet. Current assets Accounts receivable Merchandise inventory Cash Total current assets Plant assets Buildings Land Answer is not complete. Clear Water Company Balance Sheet December 31 Assets Accumulated depreciation-Buildings Total plant assets Total assets Liabilities $ 35,000 2,400 19,800 7,800 5,400 8,800 38,000 1,800 10,000 14,000 3,400 4,800 $ 2,400 7,800 8,800 35,000 19,800 $ 19,000 $ 15,200 4,800 20,000 39,000

QS 4-21 (Algo) Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Company reports the following balance sheet accounts as of December 31. Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable Accumulated Depreciation-Buildings Prepare a classified balance sheet. Current assets Accounts receivable Merchandise inventory Cash Total current assets Plant assets Buildings Land Answer is not complete. Clear Water Company Balance Sheet December 31 Assets Accumulated depreciation-Buildings Total plant assets Total assets Liabilities $ 35,000 2,400 19,800 7,800 5,400 8,800 38,000 1,800 10,000 14,000 3,400 4,800 $ 2,400 7,800 8,800 35,000 19,800 $ 19,000 $ 15,200 4,800 20,000 39,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...

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