Do not give answer in image Depreciation expenseInterest expenseCommon stockRetained earnings (January 1, 2025)Accumulated depreciation-buildingsAccounts payableMortgage payableAccumulated depreciation-equipmentInterest payableService revenue8,0002,40058,50037,23045,70016,30087,90018,5903,70017,700Prepare a classified balance sheet. Assume that $14,500 of the mortgage payable will be paid in 2026. (List Current assets in order ofliquidity. List Property, plant and equipment in order of land, buildings and equipment.)ACME MANUFACTURING COMPANYBalance Sheet These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025.BuildingsAccounts receivablePrepaid insuranceCashEquipmentLandInsurance expenseDepreciation expenseInterest expenseCommon stockRetained earnings (January 1, 2025)Accumulated depreciation-buildingsAccounts payableMortgage payable$94,60014,7004,71018,84080,20061,3008708,0002,40058,50037,23045,70016,30087,900

The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…

These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance. Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900

These items are taken from the financial statements of Acme Manufacturing Company at December 31, 2025. Buildings Accounts receivable Prepaid insurance. Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Mortgage payable $94,600 14,700 4,710 18,840 80,200 61,300 870 8,000 2,400 58,500 37,230 45,700 16,300 87,900

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 53BE

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