Using the following data complete a classified balance sheet: Debits Credits Cas
ID: 2503474 • Letter: U
Question
Using the following data complete a classified balance sheet:
Debits
Credits
Cash
$200
Investment in short term government bonds
400
Accounts receivable
800
Inventory
3,000
Prepaid rent
100
Investment in land held for future use
2,700
Land
2,000
Building
8,000
Accumulated Depreciation-bldg
$1,000
Patents
1,800
Accounts Payable
1,600
Revenue received in advance
400
Note payable (due in two years)
4,000
Common Stock ($1 par; 2,000 shares authorized, issued and outstanding)
2,000
Retained Earnings
10,000
Insurance Expense
350
Income Tax expense
175
Debits
Credits
Cash
$200
Investment in short term government bonds
400
Accounts receivable
800
Inventory
3,000
Prepaid rent
100
Investment in land held for future use
2,700
Land
2,000
Building
8,000
Accumulated Depreciation-bldg
$1,000
Patents
1,800
Accounts Payable
1,600
Revenue received in advance
400
Note payable (due in two years)
4,000
Common Stock ($1 par; 2,000 shares authorized, issued and outstanding)
2,000
Retained Earnings
10,000
Insurance Expense
350
Income Tax expense
175
Explanation / Answer
Classified Balance Sheet as at Particulars Amount Amount (in $) (in $) ASSETS Current Assets Cash 200Related Questions
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