Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Question
Chapter 2, Problem 2.3.1P
To determine
Concept Introduction:
Balance sheet is one of the financial statements. It indicates the assets, liabilities, and equity of the business. A classified balance sheet further classifies assets and liabilities into current and noncurrent items.
To prepare: The classified balance sheet.
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Required: Prepare a properly classified statement of financial position for HBI COMPANY as of December 31, 2021. Save your FS as pdf and upload it here.
Instructions
For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why.
E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at
December 31, 2017.
Cash
Supplies
Prepaid Insurance
Equipment.
Accumulated Depreciation-Equipment
Trademarks
Accounts Payable
Salaries and Wages Payable
Unearned Service Revenue
Bonds Payable (due 2024)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Rent Expense
Interest Expense
Total
Additional information:
1. Net loss for the year was $2,500.
2. No dividends were declared during 2017.
Debit
$
?
1,200
1,000
48,000
$
950
9,000
1,400
1,200
900
?
Credit
$4,000
10,000
500
2,000
9,000
10,000
25,000
10,000
$
?
Prepare a classified balance sheet (Statement of Financial Position) for Yu Company from the following account balances as of Dec. 31, 2017. Use report form with supporting notes.
Chapter 2 Solutions
Using Financial Accounting Information
Ch. 2 - Prob. 2.1ECh. 2 - Prob. 2.2.1ECh. 2 - Prob. 2.2.2ECh. 2 - Classification of Financial Statement Items Regal...Ch. 2 - Prob. 2.4.1ECh. 2 - Prob. 2.4.2ECh. 2 - Prob. 2.4.3ECh. 2 - Prob. 2.5ECh. 2 - Prob. 2.6ECh. 2 - Prob. 2.7E
Ch. 2 - Prob. 2.8ECh. 2 - Statement of Retained Earnings Landon Corporation...Ch. 2 - Prob. 2.10ECh. 2 - Prob. 2.11ECh. 2 - Prob. 2.12MCECh. 2 - Prob. 2.13MCECh. 2 - Prob. 2.14MCECh. 2 - Prob. 2.1.1PCh. 2 - Prob. 2.1.2PCh. 2 - Prob. 2.2PCh. 2 - Prob. 2.3.1PCh. 2 - Prob. 2.3.2PCh. 2 - Prob. 2.3.3PCh. 2 - Prob. 2.4.1PCh. 2 - Prob. 2.4.2PCh. 2 - Prob. 2.5.1PCh. 2 - Prob. 2.5.2PCh. 2 - Prob. 2.5.3PCh. 2 - Prob. 2.6.1PCh. 2 - Prob. 2.6.2PCh. 2 - Prob. 2.7.1PCh. 2 - Prob. 2.7.2PCh. 2 - Prob. 2.7.3PCh. 2 - Multiple-Step Income Statement and Profit Margin...Ch. 2 - Prob. 2.8PCh. 2 - Prob. 2.9PCh. 2 - Prob. 2.10MCPCh. 2 - Prob. 2.11MCPCh. 2 - Prob. 2.12MCPCh. 2 - Prob. 2.1.1AAPCh. 2 - Prob. 2.1.2AAPCh. 2 - Prob. 2.2AAPCh. 2 - Prob. 2.3.1AAPCh. 2 - Prob. 2.3.2AAPCh. 2 - Prob. 2.3.3AAPCh. 2 - Prob. 2.4.1AAPCh. 2 - Prob. 2.4.2AAPCh. 2 - Prob. 2.5.1AAPCh. 2 - Prob. 2.5.2AAPCh. 2 - Prob. 2.5.3AAPCh. 2 - Prob. 2.6.1AAPCh. 2 - Prob. 2.6.2AAPCh. 2 - Prob. 2.7.1AAPCh. 2 - Prob. 2.7.2AAPCh. 2 - Prob. 2.7.3AAPCh. 2 - Multiple-Step Income Statement and Profit Margin...Ch. 2 - Prob. 2.8.1AAPCh. 2 - Prob. 2.8.2AAPCh. 2 - Prob. 2.9AAPCh. 2 - Prob. 2.10AAMCPCh. 2 - Prob. 2.11.1AAMCPCh. 2 - Prob. 2.11.2AAMCPCh. 2 - Prob. 2.12AAMCP
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