Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100   Accounts receivable 2,100   Merchandise inventory 5,100   Prepaid insurance 1,100   Land 20,100   Accounts payable   $ 3,100 M. Lima, Capital   26,500 Sales   17,100 Cost of goods sold 8,100   Wages expense 6,100   Totals $ 46,700 $ 46,700

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31.

Adjusted Trial Balance Debit Credit
Cash and equivalents $ 4,100  
Accounts receivable 2,100  
Merchandise inventory 5,100  
Prepaid insurance 1,100  
Land 20,100  
Accounts payable   $ 3,100
M. Lima, Capital   26,500
Sales   17,100
Cost of goods sold 8,100  
Wages expense 6,100  
Totals $ 46,700 $ 46,700
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