The December 31, 2024, adjusted trial balance for Badger Corporation is presented below.
Accounts |
Debit |
Credit |
|---|
Cash |
$14,000 |
|
|---|
Accounts Receivable |
155,000 |
|
|---|
Prepaid Rent |
5,000 |
|
|---|
Supplies |
31,000 |
|
|---|
Land |
270,000 |
|
|---|
Accounts Payable |
|
$13,000 |
|---|
Salaries Payable |
|
12,000 |
|---|
Interest Payable |
|
5,000 |
|---|
Notes Payable (due in two years) |
|
41,000 |
|---|
Common Stock |
|
305,000 |
|---|
Retained Earnings |
|
62,000 |
|---|
Service Revenue |
|
505,000 |
|---|
Salaries Expense |
401,000 |
|
|---|
Rent Expense |
21,000 |
|
|---|
Utilities Expense |
41,000 |
|
|---|
Interest Expense |
5,000 |
|
|---|
Totals |
$943,000 |
$943,000 |
|---|
Required:
3.
Prepare a classified balance sheet as of December 31, 2024.
Extracted text: Stmt of Income Stockholders Balance Sheet Equity Statement Prepare a classified balance sheet as of December 31, 2024. BADGER CORPORATION Balance Sheet December 31, 2024 Assets Liabilities Current assets: Current liabilities: Cash $ 14,000 Accounts Payable $ 13,000 Accounts Receivable 155,000 Salaries Payable 12,000 Prepaid Rent 5,000 Interest Payable 5,000 Supplies 31,000 Notes Payable 41,000 Land 270,000 Total current assets 475,000 Total current liabilities 71,000 |Long-term liabilities: Notes Payable 41,000 Total liabilities 112,000 Long-term assets: Stockholders' Equity 305,000 62,000 Land $ 270,000 Common Stock Retained Earnings Total long-term assets 270,000 Total stockholders' equity 367,000 Total assets $ 745,000 Total liabilities and stockholders' equity $ 479,000 Stmt of Stockholders Equity Balance Sheet