The following accounts are taken from the financial statements of Paradise Resor

Question

The following accounts are taken from the financial statements of Paradise Resorts. at September 30, 2013. (Amounts are in millions)

Accounts Payable $ 900   Cash 3,350   Common Stock 11,400   Equipment 3,200   Income Tax Expense 350   Interest Expense 100   Notes Payable (long-term) 1,150   Notes Payable (short-term) 350   Prepaid Rent 1,350   Retained Earnings 3,100   Service Revenue 7,800   Short-term Investments 6,800   Software 2,200 Prepare a classified balance sheet at September 30, 2013. (Enter your answers in millions.)

Explanation / Answer

Solution:

Balance Sheet Asset Liablities Current Assets Current Liabilities Cash 3,350 Accounts Payable 900 Prepaid Rent 1,350 Notes Payable 350 Short Term Investments 6,800 Current Liabilities 1250 Software 2,200 Current Assets 13,700 Long term Liabilities and Stockholer's Equity Fixed Assets Long term Liabilities Equipment 3,200 Notes Payable 1,150 Long term Liabilities 1,150 Fixed Assets 3,200 Stockholer's Equity Common Stock 11,400 Retained Earnings 3,100 Stockholer's Equity 14,500 Total Assets 16,900 Total Liabilities 16,900

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