In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation
Common Stock
Building (used in operations)
Salaries Payable
Land (not used in operations)
Inventory
Unearned Revenue
Depreciation Expense
Dividends
Patents
Prepaid Rent
Mortgage Payable (due 2020)
Salaries Expense
Short-Term Debt investment
Income Tax Payable
Goodwill
In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation | |
Common Stock | |
Building (used in operations) | |
Salaries Payable | |
Land (not used in operations) | |
Inventory | |
Unearned Revenue | |
Depreciation Expense | |
Dividends | |
Patents | |
Prepaid Rent | |
Mortgage Payable (due 2020) | |
Salaries Expense | |
Short-Term Debt investment | |
Income Tax Payable | |
Goodwill |
Related questions
John's Cleaning Services, Inc. has the following adjustedaccount balances as of March 31, 2015. Prepare a classified balancesheet as of that date.
| Account | Debit | Credit |
| Cash | $600 | |
| Common Stock | 31,650 | |
| Inventory | 2,000 | |
| Prepaid Rent | 4,400 | |
| Building | 50,000 | |
| Salaries Expense | 1,000 | |
| Long-Term Investments | 50,500 | |
| Accounts Payable | 6,000 | |
| Rent Expense | 1,000 | |
| Income Tax Payable | 15,630 | |
| Long-Term Notes Payable | 8,000 | |
| Accumulated Depreciation- Building | 7,500 | |
| Retained Earnings | 2,520 | |
| Service Revenue | 41,000 | |
| Short-Term Investments | 1,800 | |
| Insurance Expense | 2,000 | |
| Current Portion of Long-Term Note Payable | 2,500 | |
| Depreciation Expense- Building | 1,500 | |
| Totals | $114,800 | $114,800 |
Account | Debit | Credit |
Cash | $600 | |
Short-Term Investments | 1,800 | |
Inventory | 2,000 | |
Prepaid Rent | 2,900 | |
Prepaid Insurance | 1,500 | |
Building | 50,000 | |
Accumulated DepreciationâBuilding | $7,500 | |
Long-Term Investments | 23,000 | |
Goodwill | 20,000 | |
Patent | 7,500 | |
Accounts Payable | 6,000 | |
Current Portion of Long-term Note Payable | 2,500 | |
Income Tax Payable | 15,630 | |
Long-term Notes Payable | 8,000 | |
Common Stock | 1,650 | |
Additional Paid-in Capital | 30,000 | |
Retained Earnings | 2,520 | |
Service Revenue | 41,000 | |
Rent Expense | 1,000 | |
Insurance Expense | 2,000 | |
Salaries Expense | 1,000 | |
Depreciation ExpenseâBuilding | 1,500 | _______ |
Totals | $114,800 | $114,800 |
Estrada Real Estate Appraisal
Adjusted Trial Balance
June 30, 2018
Balance
Account Title
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 6.) Prepare theâ company's classified balance sheet in report form at June 30, 2018. (If a box is not used in the balanceâ sheet, leave the boxâ empty; do not select a label or enter aâ zero.)
Estrada Real Estate Appraisal
Balance Sheet
June 30, 2018
| ASSETS |
| ? | |||
| ? | |||
| _____?___ | |||
| ? | ? | ||
| ? | |||
| ? | ? | ||
| ? | ? | ||
| LESS: | _______? | ________? | |
| ? | __?______ | ||
| ? | ? |
| LIABILITIES |
| ? | |||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ______? | ||
| ? | ? | ||
| ? | |||
| ? | ______? | ||
| ? | ? |
| OWNERâS EQUITY |
| ? | _?___________ |
| ? | ? |
