Quiz 3: Chapter 4 Student Name:... Date Problem 1 (18 points). Classified Balanc

Question

Quiz 3: Chapter 4 Student Name:... Date Problem 1 (18 points). Classified Balance Sheet The Cambridge Company collected the following information for the preparation of its December 31, 2016, classified balance sheet: Accounts receivable $36,000 Property, plant, and equipment$200,000 32,000 Other long-term assets 60,000 Retained earnings 20,000 Inventory 65,000 Other current assets. Accounts payable Long-term liabilities Other current liabilities 40,000 125,000 21,000 Common stock. 18,000 Prepare a classified balance sheet for Cambridge Company Cambridge Company Balance Sheet December3 Problem 2 (8 points) Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi- step income statement for Kokomo Wholesale for the year ended December 31. All accounts have normal balances Selling, general, and administrative expenses . . $250,000 Sales revenue $580,000 Cost of goods sold 185,000 Interest expense. 5,000

Explanation / Answer

Cambridge Company Balancesheet `December 31, 2016 Particulars Amount Particulars Amount Liabilties and equity Non Current Assets Long term Liabilities $        60,000 Property, plant and equipment $      200,000 Other long term assets $        40,000 Account payable $        21,000 Other current libilities $        18,000 Current Assets Inventory $        65,000 Equity Accounts receivable $        36,000 Common stock $      125,000 Cash $        20,000 Retained eranings $      169,000 Other current assets $        32,000 Total $      393,000 Total $      393,000

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