Solution-Prepare a classified balance sheet and liquidity

Prepare a classified balance sheet and liquidity of company

Assignment Help Financial Accounting

Reference no: EM13522076

The adjusted trial balance for Wootton Bowling Alley at December 31, 2012, contains the following accounts.

Debits		Credits
Buildings	$128,800	Owner's Capital	$115,000
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 Depreciation-Equipment	18,720
Land	67,000	Interest Payable	2,600
Insurance Expense	780	Service Revenue	17,180
Depreciation Expense	7,360		$306,180
Interest Expense	2,600
	$306,180

Instructions

(a) Prepare a classified balance sheet; assume that $22,000 of the note payable will be paid in 2013.

(b) Comment on the liquidity of the company.

Reference no: EM13522076

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Prepare a classified balance sheet and liquidity of company

Reference no: EM13522076

Reference no: EM13522076

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