These items are taken from the financial statements of Oriole Co. at December 31, 2022. Buildings$116,380 Accounts receivable 13,860 Prepaid insurance 3,520 Cash 13,024 Equipment 90,640 Land 67,320 Insurance expense 858 Depreciation expense5,830 Interest expense 2,860 Common stock 66,000 Retained earnings (January 1, 2022) 44,000 Accumulated depreciation—buildings 50,160 Accounts payable 10,450 Notes payable 102,960 Accumulated depreciation—equipment 20,592 Interest payable 3,960 Service revenue 16,170 Prepare a classified balance sheet. Assume that $14,960 of the note payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
These items are taken from the financial statements of Oriole Co. at December 31, 2022. Buildings$116,380 Accounts receivable 13,860 Prepaid insurance 3,520 Cash 13,024 Equipment 90,640 Land 67,320 Insurance expense 858 Depreciation expense5,830 Interest expense 2,860 Common stock 66,000 Retained earnings (January 1, 2022) 44,000 Accumulated depreciation—buildings 50,160 Accounts payable 10,450 Notes payable 102,960 Accumulated depreciation—equipment 20,592 Interest payable 3,960 Service revenue 16,170 Prepare a classified balance sheet. Assume that $14,960 of the note payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 2PA: Financial statements The assets and liabilities of Global Travel Agency on December 31, 20Y5, and...
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These items are taken from the financial statements of Oriole Co. at December 31, 2022.
Buildings$116,380
Accounts receivable 13,860
Prepaid insurance 3,520
Cash 13,024
Equipment 90,640
Land 67,320
Insurance expense 858
Interest expense 2,860
Common stock 66,000
Accounts payable 10,450
Notes payable 102,960
Accumulated depreciation—equipment 20,592
Interest payable 3,960
Service revenue 16,170
Prepare a classified balance sheet. Assume that $14,960 of the note payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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