These items are taken from the financial statements of Pina Corporation for 2022. Retained earnings (beginning of year) $32,560 Utilities expense 2,150 Equipment 67,560 Accounts payable 21,790 Cash 11,480 Salaries and wages payable 6,130 Common stock 12,000 Dividends 12,000 Service revenue 72,550 Prepaid insurance 6,630 Maintenance and repairs expense 1,650 Depreciation expense 3,420 Accounts receivable 15,190 Insurance expense 2,380 Salaries and wages expense 41,550 Accumulated depreciation—equipment 18,980 Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)
These items are taken from the financial statements of Pina Corporation for 2022. Retained earnings (beginning of year) $32,560 Utilities expense 2,150 Equipment 67,560 Accounts payable 21,790 Cash 11,480 Salaries and wages payable 6,130 Common stock 12,000 Dividends 12,000 Service revenue 72,550 Prepaid insurance 6,630 Maintenance and repairs expense 1,650 Depreciation expense 3,420 Accounts receivable 15,190 Insurance expense 2,380 Salaries and wages expense 41,550 Accumulated depreciation—equipment 18,980 Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 54CE
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These items are taken from the financial statements of Pina Corporation for 2022.
|
$32,560 | |
Utilities expense |
2,150 | |
Equipment |
67,560 | |
Accounts payable |
21,790 | |
Cash |
11,480 | |
Salaries and wages payable |
6,130 | |
Common stock |
12,000 | |
Dividends |
12,000 | |
Service revenue |
72,550 | |
Prepaid insurance |
6,630 | |
Maintenance and repairs expense |
1,650 | |
|
3,420 | |
Accounts receivable |
15,190 | |
Insurance expense |
2,380 | |
Salaries and wages expense |
41,550 | |
|
18,980 |
Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)
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