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What does a classified balance sheet look like at december

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Reference no: EM132484052

The following accounts and related balances of ETH Engineering Ltd. are as at December 31, 2018 prior to the closing journal entries.

Trademark, net $ 17,000

Preferred Shares, $2.50, 20,000 authorized and issued 200,000

Cash 320,000

Accounts Receivable, net 265,000

Accrued Liabilities 42,000

Long-term Note Payable 500,000

Inventory 350,000

Retained Earnings/(Deficit) (1,197,000)

Accounts Payable 75,000

Interest Expense 35,000

Property, Plant, and Equipment, net 2,800,000

Common Shares, 300,000 shares authorized; 175,000 shares issued 3,500,000

Prepaid Expenses 3,000

Organization Costs 15,000

Additional information:

  1. Total Assets, January 1, 2018 $ 3,200,000
  2. Net income for 2018 $ 650,000
  3. No new shares were issued in 2018.

Question 1: What does a classified balance sheet look like at December 31, 2018.

Reference no: EM132484052

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