Exercise 4-14 The adjusted trial balance for Martell Bowling Alley at December 3
ID: 2337136 • Letter: E
Question
Exercise 4-14 The adjusted trial balance for Martell Bowling Alley at December 31, 2017, contains the following accounts Debit Credit Buildings Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense $127,400 Common Stock $89,400 25,500 43,700 11,500 96,800 17,100 2,700 17,900 14,800 Retained Earnings 4,900 Accumulated Depreciation-Buildings 19,600 Accounts Payable 62,200Notes Payable 65,500 Accumulated Depreciation-Equipment 700 Interest Payable 7,400 Service Revenue 2,100 $304,600 $304,600Explanation / Answer
Please Note: The amount of current liability note payable is given in the question (a) itself as below
Prepare a classified balance sheet; assume that $ XXXX * of the note payable will be paid in 2017. (List current assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)
* the note payble in 2017 is current liability and balance will be long-term Note payable
The above information is not provided in the question above but is very much there in the original question (use the information and you will get the right answer...or provid the complete question.
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