Reference no: EM132716904

Question: Tidy Products Corp., a sales business, has the following accounts and items at December 31, 20X1. Assume the company's operating cycle is one year.

Shipping expense $20,700

Accumulated depreciation $26,600

Notes receivable $13,500 (matures October 1, 20X2)

Gain on sale of equity investments $3,300

Salaries and wages payable $5,400

Prepaid rent $43,200 (to be used evenly over the next two years)

Patents $47,000

Sales returns and allowances $8,500

Interest expense $12,400

Bonds payable $52,200 (matures February 28, 20X4)

Bond sinking fund $17,200 (long-term)

Cash $2,300

Equity investments $18,300 (trading)

Buildings $34,900

Land $11,600 (held-for-sale)

Common stock $33,800

Using the listed accounts and items above, prepare the assets half of the balance sheet for Tidy Products Corp. according to GAAP format and terminology (ignoring the liabilities and stockholders' equity half). To save time, prepare the classified balance sheet in a "condensed" format except for the current assets that need to be filled out completely.