Chapter 3, Problem 3.29E

To determine

Concept Introduction:

The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities..

To Prepare:

A Classified balance sheet

Answer to Problem 3.29E

The Classified balance sheet is as follows:

La-Z-Boy Inc.
Classified Balance Sheet
As on April 25
ASSETS
Current Assets:
Cash	$ 107,938
Accounts Receivable	$ 158,548
Inventories	$ 156,789
Other current assets	$ 53,176
Total Current Assets		$ 476,451
Intangible assets		$ 20,622
Property Plant and Equipment:
Gross	$ 500,029
Less: Accumulated Depreciation	$(325,993)
Total Property Plant and Equipment		$ 174,036
Other Long Term assets		$ 103,495
TOTAL ASSETS		$ 774,604
LIABILITIES
Current Liabilities:
Accounts Payable	$ 46,168
Accrued Expenses	$ 108,326
Short term debt	$ 397
Total Current Liabilities		$ 154,891
Long Term Liabilities:
Long term debt	$ 433
Other Long Term Liabilities	$ 86,180	$ 86,613
EQUITY
Common Stock	$ 50,747
Retained earnings	$ 235,506
Other items	$ 246,847
Total Equity		$ 533,100
TOTAL LIABILITIES AND EQUITY		$ 774,604

Explanation of Solution

The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.A Classified balance sheet is prepared as follows:

La-Z-Boy Inc.
Classified Balance Sheet
As on April 25
ASSETS
Current Assets:
Cash	$ 107,938
Accounts Receivable	$ 158,548
Inventories	$ 156,789
Other current assets	$ 53,176
Total Current Assets		$ 476,451
Intangible assets		$ 20,622
Property Plant and Equipment:
Gross	$ 500,029
Less: Accumulated Depreciation	$(325,993)
Total Property Plant and Equipment		$ 174,036
Other Long Term assets		$ 103,495
TOTAL ASSETS		$ 774,604
LIABILITIES
Current Liabilities:
Accounts Payable	$ 46,168
Accrued Expenses	$ 108,326
Short term debt	$ 397
Total Current Liabilities		$ 154,891
Long Term Liabilities:
Long term debt	$ 433
Other Long Term Liabilities	$ 86,180	$ 86,613
EQUITY
Common Stock	$ 50,747
Retained earnings	$ 235,506
Other items	$ 246,847
Total Equity		$ 533,100
TOTAL LIABILITIES AND EQUITY		$ 774,604