Q1: Lewiston Company reports the following trial balance on December 31, 2014:Account titleDebitCreditCash$35,500 Account Receivable$12,000 Allowance for uncollectable $3,000Prepaid rent$8,000 Inventories$10,000 Land $40,000 Patent$29,500 Account Payable $2,000Unearned Revenue $6,000Bond Payable $15,000Common Stock $72,000Retained Earning $37,000Total$135,000$135,000 Additional Information: The land account consists of $30,000 for the cost of the land where the office buildings are located. The remaining balance represent the cost of the land held for sale.$9,500 of cash balance will be used as an investment in marketable securities that is going to take place next year. The remaining represent commercial papers due in January 2015.Out of $15,000 balance of Bond payable, $7,000 will be payable in 2015. Required:Prepare classified balance sheet as per 31st December 2014.

Name: Q1: Lewiston Company reports the following trial balance on December
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Description: Q1: Lewiston Company reports the following trial balance on December 31, 2014:Account titleDebitCreditCash$35,500 Account Receivable$12,000 Allowance for uncollectable $3,000Prepaid rent$8,000 Inventories$10,000 Land $40,000 Patent$29,500 Account Pa

Balance Sheet: Balance sheet is one of the financial statements used to represent the assets and…

Answered: $35,500 Account Receivable…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

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Problem 3.6.3P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...

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Q1: Lewiston Company reports the following trial balance on December 31, 2014:

Account title	Debit	Credit
Cash	$35,500
Account Receivable	$12,000
Allowance for uncollectable		$3,000
Prepaid rent	$8,000
Inventories	$10,000
Land	$40,000
Patent	$29,500
Account Payable		$2,000
Unearned Revenue		$6,000
Bond Payable		$15,000
Common Stock		$72,000
Retained Earning		$37,000
Total	$135,000	$135,000

Additional Information:

The land account consists of $30,000 for the cost of the land where the office buildings are located. The remaining balance represent the cost of the land held for sale.
$9,500 of cash balance will be used as an investment in marketable securities that is going to take place next year. The remaining represent commercial papers due in January 2015.
Out of $15,000 balance of Bond payable, $7,000 will be payable in 2015.

Required:

Prepare classified balance sheet as per 31^st December 2014.

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