Homework Help is Here – Start Your Trial Now!
Business
Accounting
Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment depreciation-building 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment depreciation-building 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...
See similar textbooks
icon
Related questions
Question

PLEASE DO NOT GIVE SOLUTION IN IMAGE FORMAT

Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated depreciation-building Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.
Transcribed Image Text:Presented below are a number of balance sheet items for Belize Electricity Limited for the current year, 2021. Goodwill Payroll taxes payable Bonds payable Retained earnings Cash Land Note receivable Accounts payable Income taxes receivable Inventory Rent payable (short-term) Buildings 210,000.00 65,300.00 500,000.00 ? 61,000.00 351,000.00 160,500.00 347,000.00 45,600.00 398,600.00 40,000.00 2,800,000.00 Note payable (to banks) Unsecured notes payable (long-term) Income tax payable Prepaid Expenses Equipment Rent payable (long-term) Equity investment (trading) Preferred stock, $25 par value Accumulated depreciation-building Common stock, $1 par value Discount on bonds payable Accumulated depreciation-equipment 264,900.00 1,300,000.00 110,800.00 68,760.00 1,386,000.00 80,000.00 375,000.00 1,250,000.00 361,200.00 250,000.00 35,000.00 467,000.00 Instructions: Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of equity investments (trading) are the same.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Financial Management (MindTap Course…
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS