8The following information is from Greg\'s hardware Company\'s April 30th 2014 p
ID: 2591424 • Letter: 8
Question
8The following information is from Greg's hardware Company's April 30th 2014 post trial balance. Cash$31,000, Short term investments $33,000, Notes Receivable, 10,000, Accounts Receivable, $276, 000, Merchandise Inventory $145,000, Prepaid rent $1,600, Prepaid Insurance, $4,800, sales supplies $1,280, office supplies $440.00, Deposit for future advertising $3,680, Building not in use $49,600, Land $22,400, Delivery equipment $41,200, Accumulated Depreciation - Delivery truck $28, 400, Trademark $4,000, Accounts Payable $114,600, Salaries payable $5,200, Interest payable $840.00, Long-term notes payable $80,000, G Smith capital $394,960. Required, prepare a classified balance sheet for Greg's Hardware.Explanation / Answer
Balance Sheet:
Assets:
Current Assets:
Cash - 31000
Short term investment - 33000
Notes Receivable - 10000
Account Receivable - 276000
Merchandise inventory - 145000
Prepaid rent - 1600
Prepaid Insurance - 4800
Sales Supplies - 1280
Office Supplies - 440
Deposit for future advertising - 3680
Total current assets - 506800
Fixed Assets:
Building not in use - 49600
Land - 22400
Delivery Equipment - (41200-28400) = 12800
Trademark - 4000
Total fixed assets: 88800
Total assets: 595600
Liabilities:
Current Liabilities:
Accounts Payable - 114600
Salaries Payable - 5200
Interest Payable - 840
Total current liabilities - 120640
Long term liabilities- 80000
Equity - 394960
Total liabilities - 595600
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