Textbook Problem

Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following balance sheet at the beginning of 2019:

Additional information related to the statement of cash flows:

1. 1. The long-term bonds have a face value of $6,000 and were issued on December 31, 2019.
2. 2. The building was purchased on December 30, 2019.
3. 3. The land was sold at its original cost.
4. 4. The common stock which was sold totaled 300 shares and had a par value of $10 per share.

Required:

Next Level Prepare a classified balance sheet for Mills as of December 31, 2019. (Hint. Review the information on the statement of cash flows and the balances in the beginning balance sheet accounts to determine the impact on the ending balance sheet accounts.)