The Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 20,000 Inventory 65,000 Other current assets 30,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 10,000 Long-term liabilities 55,000 Retained earnings ? Other current liabilities 18,000 Prepare a classified balance sheet for Cambridge Company. Cambridge Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: 2$ 2$ 0 Other current liabilities 0 Total Current Liabilities Other current assets O Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity 0 Common stock Other long-term assets Total Noncurrent Assets 0 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $ o o o

The Cambridge Company collected the following information for the preparation of its December 31 classified balance sheet: Accounts receivable $15,000 Property, plant, and equipment $200,000 Cash 20,000 Inventory 65,000 Other current assets 30,000 Other long-term assets 40,000 Accounts payable 21,000 Common stock 10,000 Long-term liabilities 55,000 Retained earnings ? Other current liabilities 18,000 Prepare a classified balance sheet for Cambridge Company. Cambridge Company Balance Sheet December 31 Assets Liabilities & Stockholders' Equity Current Assets: Current Liabilities: 2$ 2$ 0 Other current liabilities 0 Total Current Liabilities Other current assets O Noncurrent Liabilities: Total Current Assets Total Liabilities Noncurrent Assets: Stockholders' Equity 0 Common stock Other long-term assets Total Noncurrent Assets 0 Total Stockholders' Equity Total Assets $ 0 Total Liabilities & Stockholders' Equity $ o o o

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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