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Stmt of Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity Land $ 270,000 Common Stock 305,000 Retained Earnings 62,000 Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet

Stmt of Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity Land $ 270,000 Common Stock 305,000 Retained Earnings 62,000 Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...
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The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.

 

Accounts Debit Credit
Cash $14,000  
Accounts Receivable 155,000  
Prepaid Rent 5,000  
Supplies 31,000  
Land 270,000  
Accounts Payable   $13,000
Salaries Payable   12,000
Interest Payable   5,000
Notes Payable (due in two years)   41,000
Common Stock   305,000
Retained Earnings   62,000
Service Revenue   505,000
Salaries Expense 401,000  
Rent Expense 21,000  
Utilities Expense 41,000  
Interest Expense 5,000  
Totals $943,000 $943,000


Required:

3. Prepare a classified balance sheet as of December 31, 2024.

Stmt of Income Stockholders Balance Sheet Equity Statement Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 |Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity 305,000 62,000 Land $ 270,000 Common Stock Retained Earnings Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet
Transcribed Image Text:Stmt of Income Stockholders Balance Sheet Equity Statement Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 |Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity 305,000 62,000 Land $ 270,000 Common Stock Retained Earnings Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet
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