Reference no: EM132985515
The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017:
Accounts payable$18,995
Income taxes payable$6,025
Accounts receivable22,850
Interest payable1,585
Accumulated depreciation - automobiles22,360
Inventory43,205
Accumulated depreciation - buildings41,020
Land233,000
Automobiles111,800
Long-term investments91,855
Bonds payable, due December 31, 2021 156,000
Notes payable, due June 30, 2018 10,000
Buildings205,100
Office supplies2,175
Capital stock, $10 par value147,000
Paid-in capital in excess of par value 47,000
Cash12,075 Patents 37,000
Prepaid rent1,355
Retained earnings306,315
Salaries and wages payable4,115
Required:
Problem 1. Prepare in good form a classified balance sheet as of December 31, 2017.
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