Prepare a classified balance sheet for arnold landscaping

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Question - 1. Arnold's Landscaping, owned by Arnold Vroom, had the following assets and liabilities on October 31, 20-:

Cash, $8200.45; Supplies, $850.00; Accounts Receivable: P. Cannon, $3050.00 and T. Horvath, $890.30; Furniture, $512.75; Equipment, $42 900.25; Truck, $32 160.50; Accounts Payable: Bev's Seed and Supply, $1515.88; Peter Power Equipment, $3356.00, Tough Turf Supplies, $950.05; Loan Payable (due this year), $6000.00; and Mortgage Payable, $24 000.

Required -

A. Prepare a classified balance sheet for Arnold's Landscaping.

B. Comment about the business's ability to pay its debts. What is your observation?

C. Arnold Vroom asks you to prepare a balance sheet for his business that follows IFRS.

D. Comment on the business's long-term assets and how it has generated the funds to buy those assets. What is your observation?

Reference no: EM133107251

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