Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity.......... .... $30,000 Employee federal income taxes payable $9,000 Equipment... .725 Salaries payable... Accounts receivable.. .. 3,100 40,000 Federal unemployment taxes payable .......... 200 . 34,000 FICA-Medicare taxes payable........ .. 5,100 FICA-Social Security taxes payable.... . 50,000 Employee medical insurance payable..... ..4,000 State unemployment taxes payable.. Notes payable (due in 6 years)..... 10,000 Sales tax payable (due in 2 weeks)..... Cash.......... .2,000 Current portion of long-term debt.. . 1,800 ******** 275 **********.

Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity.......... .... $30,000 Employee federal income taxes payable $9,000 Equipment... .725 Salaries payable... Accounts receivable.. .. 3,100 40,000 Federal unemployment taxes payable .......... 200 . 34,000 FICA-Medicare taxes payable........ .. 5,100 FICA-Social Security taxes payable.... . 50,000 Employee medical insurance payable..... ..4,000 State unemployment taxes payable.. Notes payable (due in 6 years)..... 10,000 Sales tax payable (due in 2 weeks)..... Cash.......... .2,000 Current portion of long-term debt.. . 1,800 275 **.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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