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: Accounts Payable $ 113,880 Retained Earnings 55,900 Equipment 422,800 Notes Payable, due Year 5 344,400 Common Stock 206,000 Accounts Receivable 203,700 Income Tax Payable 4,020 Cash 97,700

Required:

  Accounts Payable $ 113,880 Retained Earnings 55,900   Equipment 422,800 Notes Payable, due Year 5 344,400   Common Stock 206,000 Accounts Receivable 203,700   Income Tax Payable 4,020 Cash 97,700

Required:

Prepare a classified balance sheet at June 30, Year 3.

Explanation / Answer

Purrfect Pets, Inc Balance Sheet For the year ended June 30, Year 3 Assets Accounts Receivable $ 203,700 Cash $    97,700 Equipment $ 422,800 Total Assets $ 724,200 Liabilities and stock holders equity Current Liabilities Accounts payable $ 113,880 Income tax payable $      4,020 Total Current Liabilities $ 117,900 Note payable $ 344,400 Total liabilities $ 462,300 Stock Holders equity Common stock $ 206,000 Retained earnings $    55,900 Total Stock holders equity $ 261,900 Total liabilities and stock holders equity $ 724,200

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