BE 172
The following accounts were included on Haircut 101’s adjusted trial balance at December 31, 2011:
Accounts payable$ 2,000
Accounts receivable5,500
Cash11,000
Common stock15,000
Retained earnings25,000
Dividends10,000
Interest expense3,000
Note payable, due 8/31/1460,000
Supplies1,000
Service revenue39,000
Equipment5,000
(a)What are total current assets?
(b)What are total current liabilities?
BE 173
The following items are taken from the adjusted trial balance of Highlander Company for the month ending July 31, 2011:
Accounts payable$ 2,000
Accounts receivable3,000
Accumulated depreciation – equipment8,000
Cash2,200
Common stock22,000
Depreciation expense2,000
Equipment54,000
Retained earnings, 7/1/1130,000
Service revenue33,000
Supplies1,200
Prepare the current assets section of Highlander’s classified balance sheet.
BE 174
The following information is available for Optimist Company for the year ended December 31, 2011:
Accounts payable$ 2,700
Accumulated depreciation, equipment4,000
Common stock3,800
Retained earnings4,000
Copyrights2,500
Notes payable (due in 5 years)7,500
Accounts receivable1,500
Cash2,600
Short-term investments1,000
Equipment7,500
Investment in long-term bonds6,900
Instructions
Use the above information to prepare a classified balance sheet for the year ended December 31, 2011.