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The following items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022: Accounts payable   $ 17,200   Accounts receivable   7,000   Accumulated depreciation—equipment   5,000   Bonds payable   17,000   Cash   22,000   Common stock   26,400   Cost of goods sold   27,600   Depreciation expense   5,700   Dividends   5,200   Equipment   40,000   Interest expense   2,000   Patents   5,180   Retained earnings, January 1, 2022   5,700   Salaries and wages expense   5,300   Sales revenue   51,500   Supplies   2,820 Net income/loss is $10,900. Prepare a classified balance sheet for Blue Spruce Company. (List Current assets in order of liquidity.) Net income is $10,900.

The following items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022: Accounts payable   $ 17,200   Accounts receivable   7,000   Accumulated depreciation—equipment   5,000   Bonds payable   17,000   Cash   22,000   Common stock   26,400   Cost of goods sold   27,600   Depreciation expense   5,700   Dividends   5,200   Equipment   40,000   Interest expense   2,000   Patents   5,180   Retained earnings, January 1, 2022   5,700   Salaries and wages expense   5,300   Sales revenue   51,500   Supplies   2,820 Net income/loss is $10,900. Prepare a classified balance sheet for Blue Spruce Company. (List Current assets in order of liquidity.) Net income is $10,900.

Financial & Managerial Accounting
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 4.10EX: Classifying assets Identify each of the following as (A) a current asset or (B) property, plant, and...
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The following items are taken from the financial statements of Blue Spruce Company for the year ending December 31, 2022:

Accounts payable   $ 17,200  
Accounts receivable   7,000  
Accumulated depreciation—equipment   5,000  
Bonds payable   17,000  
Cash   22,000  
Common stock   26,400  
Cost of goods sold   27,600  
Depreciation expense   5,700  
Dividends   5,200  
Equipment   40,000  
Interest expense   2,000  
Patents   5,180  
Retained earnings, January 1, 2022   5,700  
Salaries and wages expense   5,300  
Sales revenue   51,500  
Supplies   2,820

Net income/loss is $10,900.

Prepare a classified balance sheet for Blue Spruce Company. (List Current assets in order of liquidity.) Net income is $10,900.

Liabilities and Stockholders' Equity $ $ $
Transcribed Image Text:Liabilities and Stockholders' Equity $ $ $
Assets $ 2$
Transcribed Image Text:Assets $ 2$
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