ACG 2021 Week 1 Templates-1

ACG 2021 Week 1 Templates-1 - General Instructions 1 The...

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General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information. 3. Submit your document to the Dropbox by Sunday, 11:59PM (Mountain). P2-3A The following balance sheet items, listed in alphabetical order, are available from the records of S Compnay at December 31, 2016: Accounts payable $ 34,280 Accounts receivable 26,700 Accumulated depreciation—buildings 40,000 Accumulated depreciation—equipment 12,500 Bonds payable, due December 31, 2022 250,000 Buildings 150,000 Capital stock, $1 par value 200,000 Cash 60,790 Equipment 84,500 Income taxes payable 7,500 Interest payable 2,200 Land 250,000 Marketable securities 15,000 Merchandise inventory 112,900 Notes payable, due April 15, 2017 6,500 Office supplies 400 Paid-in capital in excess of par value 75,000 Patents 45,000 Prepaid rent 3,600 Retained earnings 113,510 Salaries payable 7,400 Required 1. Prepare a classified balance sheet as of December 31, 2016 Note: List assets and liabilities in the order of liquidity SINGER COMPANY BALANCE SHEET DECEMBER 31, 2016 Assets Current assets: 2. The
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