These items are taken from the financial statements of Blue Spruce Corp. at Dece

Question

These items are taken from the financial statements of Blue Spruce Corp. at December 31, 2017. $126,960 15,120 3,840 14,208 98,880 73,440 936 6,360 3,120 72,000 48,000 54,720 11,400 112,320 22,464 4,320 17,640 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation- equipment Interest payable Service revenue

Explanation / Answer

Liabilities and Stockholders' equity Current liabilities: Interest payable 4320 Notes payable 16320 Accounts Payable 11400 Total Current liabilities 32040 Long-term liabilities Notes payable 96000 Total liabilities 128040

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