Using the following information for Campbell Enterprises, prepare an annual: Cla
ID: 2417222 • Letter: U
Question
Using the following information for Campbell Enterprises, prepare an annual: Classified balance sheet
Campbell Enterprises, Inc.
Adjusted Trial Balance
December 31, 2015
Debit Credit
Cash 4,000
Accounts Receivable 15,000
Inventory 30,000
Prepaid Insurance 4,000
Supplies 3,000
Long-term Investment in Stock 6,000
Land 20,000
Buildings 120,000
Accumulated Depreciation—
Buildings 20,000
Patents 10,000
Accounts Payable 10,000
Unearned Revenue 2,000
Bonds Payable (due in 2023) 20,000
Common Stock 80,000
Retained Earnings 44,000
Dividends 30,000
Sales Revenue 305,000
Interest Revenue 5,000
Sales Discounts 6,000
Sales Returns & Allowances 8,000
Cost of Goods Sold 188,000
Salaries and Wages Expense 21,000
Depreciation Expense 10,000
Utilities Expense 5,000
Insurance Expense 3,000
Supplies Expense 2,000
Interest Expense 1,000
486,000 486,000
Explanation / Answer
Classified balance sheet ($)
Current assets
Cash and cash equivalents 4000
Trade receivables 15000
Inventories 30000
Other current assets
Pre-paid insurance 4000
Total current assets 53000
Fixed assets
Building less accumulated
depreciation 100000
Land 20000
Patents 10,000
Long-term investment 6000
Total non-current assets 136000
Total assets 189000
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables( 10000+20000) 30000
Total current liabilities 30000
Total non-current liabilitieS
Total liabilities 30000
Common stock 44000
Retained earnings 88000
Addcurrent year profit 27000
Totalequity and liabilities 189000
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