Assume that Sanchez Company has the following accounts at December 31, 2017.1. Common Stock.2. Discount on Bonds Payable.3. Treasury Stock (at cost).4. Notes Payable (short-term).5. Raw Materials.6. Preferred Stock Investments (long-term).7. Unearned Rent Revenue.8. Work in Process.9. Copyrights.10. Buildings.11. Notes Receivable (short-term).12. Cash.13. Salaries and Wages Payable.14. Accumulated Depreciation—Buildings.15. Accumulated Other Comprehensive Income.16. Cash Restricted for Plant Expansion.17. Land Held for Future Plant Site.18. Noncontrolling Interest.19. Allowance for Doubtful Accounts—Accounts Receivable.20. Retained Earnings.21. Paid-in Capital in Excess of Par—Common Stock.22. Unearned Subscriptions Revenue.23. Receivables—Officers (due in one year).24. Finished Goods.25. Accounts Receivable.26. Bonds Payable (due in 4 years).InstructionsPrepare a classified balance sheet in good form. (No monetary amounts are necessary.)
Assume that Sanchez Company has the following accounts at December 31, 2017.
1. Common Stock.
2. Discount on Bonds Payable.
3.
4. Notes Payable (short-term).
5. Raw Materials.
6.
7. Unearned Rent Revenue.
8. Work in Process.
9. Copyrights.
10. Buildings.
11. Notes Receivable (short-term).
12. Cash.
13. Salaries and Wages Payable.
14.
15. Accumulated Other Comprehensive Income.
16. Cash Restricted for Plant Expansion.
17. Land Held for Future Plant Site.
18. Noncontrolling Interest.
19. Allowance for Doubtful Accounts—Accounts Receivable.
20. Retained Earnings.
21. Paid-in Capital in Excess of Par—Common Stock.
22. Unearned Subscriptions Revenue.
23. Receivables—Officers (due in one year).
24. Finished Goods.
25. Accounts Receivable.
26. Bonds Payable (due in 4 years).
Instructions
Prepare a classified
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