$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.

Question

Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. 


Long Term Liability? 

 

$4,033,369
373,145
1,171,797
Prepaid insurance
Land
Goodwill
Trademarks
Inventory
$ 125,765
76,193
3,982,954
757,907
1,237,613
Buildings
Cash
XLS
Accounts receivable
Accumulated depreciation-
buildings
2,131,260
Instructions
Prepare the assets section of a classified balance sheet, listing the items in proper sequence
and including a statement heading.
Prepare a classi
sheet.
E2-5 These items are taken from the financial statements of Longhorn Co. at December
31, 2017.
(LO 1), AP
Buildings
Accounts receivable.
Prepaid insurance -
Cash.
Equipment
Land
Insurance expense
Depreciation expense•
Interest expense
Common stock
Retained earnings (January 1, 2017)
Accumulated depreciation-buildings
Accounts payable
Notes payable d
Accumulated depreciation-equipment
Interest payable
Service revenue-
$105,800
12,600
3,200
11,840
82,400
61,200
780
5,300
2,600
60,000
40,000
45,600
9,500
93,600
18,720
3,600
14,700
woiv
Instructions
Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid
in 2018.
Expand
Transcribed Image Text

$4,033,369 373,145 1,171,797 Prepaid insurance Land Goodwill Trademarks Inventory $ 125,765 76,193 3,982,954 757,907 1,237,613 Buildings Cash XLS Accounts receivable Accumulated depreciation- buildings 2,131,260 Instructions Prepare the assets section of a classified balance sheet, listing the items in proper sequence and including a statement heading. Prepare a classi sheet. E2-5 These items are taken from the financial statements of Longhorn Co. at December 31, 2017. (LO 1), AP Buildings Accounts receivable. Prepaid insurance - Cash. Equipment Land Insurance expense Depreciation expense• Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable d Accumulated depreciation-equipment Interest payable Service revenue- $105,800 12,600 3,200 11,840 82,400 61,200 780 5,300 2,600 60,000 40,000 45,600 9,500 93,600 18,720 3,600 14,700 woiv Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018.

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