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:
- Total Assets, January 1, 2018 $ 3,200,000
- Net income for 2018 $ 650,000
- No new shares were issued in 2018.
Question 1: What does a classified balance sheet look like at December 31, 2018.