Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700
Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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Question
Use the following information to prepare the current assets section of Lima Company’s classified
| Adjusted |
Debit | Credit |
|---|---|---|
| Cash and equivalents | $ 4,100 | |
| 2,100 | ||
| Merchandise inventory | 5,100 | |
| Prepaid insurance | 1,100 | |
| Land | 20,100 | |
| Accounts payable | $ 3,100 | |
| M. Lima, Capital | 26,500 | |
| Sales | 17,100 | |
| Cost of goods sold | 8,100 | |
| Wages expense | 6,100 | |
| Totals | $ 46,700 | $ 46,700 |
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