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Adams Co. reports the following balance sheet accounts as of December 31. $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) 8,400 office supplies 16,800 24,000 Accumulated depreciation-Building 5,800 Mortgages payable (due in 5 years) 18,000 Cash 24,000 $ 64,000 58,000 4,800 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Land 50,000 7,800 40,000 44,000 Common stock Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Adams Co. reports the following balance sheet accounts as of December 31. $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) 8,400 office supplies 16,800 24,000 Accumulated depreciation-Building 5,800 Mortgages payable (due in 5 years) 18,000 Cash 24,000 $ 64,000 58,000 4,800 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Land 50,000 7,800 40,000 44,000 Common stock Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) Office supplies $ 64,000 Buildings Prepaid rent Merchandise inventory 58,000 8,400 4,800 16,800 Land 50,000 Accounts payable 24,000 Accumulated depreciation-Building 7,800 5,800 Mortgages payable (due in 5 years) 18,000 Prepaid insurance 40,000 Accounts receivable Cash 44,000 Common stock 24,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) ADAMS CO. Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total liabilities Long-term liabilities Total long-term liabilities Total liabilities Equity Total equity Total liabilities and equity
Transcribed Image Text:Adams Co. reports the following balance sheet accounts as of December 31. Salaries payable $ 7,400 Retained earnings 77,400 Notes payable (due in 9 years) Office supplies $ 64,000 Buildings Prepaid rent Merchandise inventory 58,000 8,400 4,800 16,800 Land 50,000 Accounts payable 24,000 Accumulated depreciation-Building 7,800 5,800 Mortgages payable (due in 5 years) 18,000 Prepaid insurance 40,000 Accounts receivable Cash 44,000 Common stock 24,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.) ADAMS CO. Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total plant assets Total assets Liabilities Current liabilities Total liabilities Long-term liabilities Total long-term liabilities Total liabilities Equity Total equity Total liabilities and equity
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