Solution-Prepare a classi?ed balance sheet

Prepare a classi?ed balance sheet

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Reference no: EM132461350

The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts.

Debits		Credits
Buildings	$128,800	Owner's Capital	$113,000
Accounts Receivable	14,520	Accumulated Depreciation-Buildings	42,600
Prepaid Insurance	4,680	Accounts Payable	12,300
Cash	18,040	Notes Payable	97,780
Equipment	62,400	Accumulated Depredation-Equipment	18,720
Land	65,000	Interest Payable	3,800
Insurance Expense	780	Service Revenue	17,180
Depreciation Expense	7,360
Interest Expense	3,800
	$305,380		$305,380

Question (a) Prepare a classi?ed balance sheet; assume that $30,000 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Reference no: EM132461350

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Prepare a classi?ed balance sheet

Reference no: EM132461350

Reference no: EM132461350

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