Reference no: EM132795975
Question - The following accounts and account balances have been extracted from the accounting records of Catalina's Guatemalan Antiques, Inc at December 31, 2020.
Balance
Unearned rent revenue $15,500
Buildings 250,000
Inventory 7,500
Bonds payable (due in 2023) 200,000
Accounts payable 27,500
Note payable to bank due in 90 days 50,000
Retained Earnings (ending) 85,000
Premium on common stock (paid-in capital in excess of par) 75,000
Investment in stock of another company; intent is to hold long-term 50,000
Accounts receivable 46,000
Land used in the business as a plant site 100,000
Rent prepaid for next 12 months 4,800
Certificate of deposit with a bank (matures in 8 months) 32,000
Copyright 125,000
Cash in checking account 22,000
Accumulated depreciation - Buildings 25,000
Land held for future plant site (speculation) 50,000
Salaries and wages payable 6,700
Common Stock 200,000
Allowance for doubtful accounts 2,600
Required - Construct a classified balance sheet in good form for Catalina's for 2020.