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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Financial Statement Presentation of Operating Assets

Olympic Acquisitions Inc. prepared the following post-closing trial balance at December 31, 2019:

 Chapter 7, Problem 68APSA, Financial Statement Presentation of Operating Assets Olympic Acquisitions Inc. prepared the

Required:

Prepare a classified balance sheet for Olympic at December 31, 2019. ( Note: Olympic reports the three categories of operating assets in separate subsections of assets.)

To determine

Introduction: A classified balance sheet is a presentation of firm’s assets, liabilities, and shareholders fund in a meaningful manner. It divided the items into sub categories making it easier for the user to read the information.
To prepare: Balance sheet in the books of Olympic for the year ending 31, Dec. 2019.

Explanation

Format of Asset side

Current Assets include:

  • Cash
  • Accounts receivables
  • Prepaid expenses
  • Inventories
  • Marketable securities

Fixed Assets include:

  • Furniture and fixtures
  • Leasehold improvements
  • Plant and machinery
  • Buildings
  • Vehicles
  • Less: Accumulated depreciation

Other Assets include:

  • Copyrights
  • Tr...

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