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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Balance Sheet without Amounts The following is an alphabetical list of all of While Limnology Company’s adjusted trial balance accounts as of December 31, 2019:

Chapter 4, Problem 2P, Balance Sheet without Amounts The following is an alphabetical list of all of While Limnology

Required:

Prepare White Limnology’s balance sheet (without amounts) in proper format.

To determine

Prepare WL Company’s balance sheet in proper format.

Explanation

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

Prepare WL Company’s balance sheet in proper format:

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