FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Required
Use the following Information to prepare a classified balance sheet for Alpha Company at the end of Year 1.
Accounts receivable
$ 43,280
Accounts payable
6,135
Cash
17,530
Common stock
41,000
Land
29,430
Long-term notes payable
22,350
Merchandise inventory
Retained earnings
30,550
51,305
Current assets
ALPHA COMPANY
Classified Balance Sheet
As of December 31, Year 1
Total current assets
Property, plant and equipment
$
0
Total property, plant and equipment
0
Total assets
S
0
Liabilities and Stockholders' Equity
Current liabilities
Long-term liabilities
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity
0
0
$
0
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