Consider the following account balances of Purrfect Pets, Inc., as of June 30, Y

Question

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3:

Required:

Prepare a classified balance sheet at June 30, Year

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3:

  Accounts Payable $ 118,020 Retained Earnings 55,000   Equipment 421,900 Notes Payable, due Year 5 343,500   Common Stock 201,500 Accounts Receivable 202,800   Income Tax Payable 3,930 Cash 97,250

Required:

Prepare a classified balance sheet at June 30, Year

Balance Sheet At June 30, Year 3 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets Total Current Liabilities Total Liabilities Stockholders’ Equity Total Stockholders’ Equity Total Assets Total Liabilities & Stockholders’ Equity

Explanation / Answer

Balance Sheet At June 30, Year 3 Assets Liabilities Current Assets: Current Liabilities: Accounts Receivable 202800 Accounts Payable $118020 Cash 97,250 Income Tax Payable 3930 Total Current Assets 300050 Total Current Liabilities 121,950 Notes Payable, due Year 5 343500 Equipment 421,900 Total Liabilities 343,500 Stockholders’ Equity Common Stock 201,500 Retained Earnings 55000 Total Stockholders’ Equity 256,500 Total Assets 721,950 Total Liabilities & Stockholders’ Equity 721,950

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