Notes payable (due in 2 years) Patents Salaries and wages payable Inventory Stoc

Question

Notes payable (due in 2 years) Patents Salaries and wages payable Inventory Stock investments (to be sold in 7 months) Equipment Prepaid expenses E47 15 The folloxving items were taken from the financial statements of J. Pined . Pineda Comp any. (All amounts are in thousands.) Long-term debt Prepaid insurance Equipment Stock investments (long-term) 264 Owner's capital Debt investments (short-term) 3,690 Accounts receivable Notes payable (due in 2018) Cash s 1,000 Accumulated depreciation-equipment 5,655 1,444 400 12,955 1,696 1,256 880 Accounts payable 11,500 Notes payable (due after 2018) 500 Inventory 2,668 Instructions Prepare a classified balance sheet in good form as of December 31, 2017. E4-17 These financial statement item Salaries and wages payable Salaries and wages expense Utilities expense Equipment Accounts payable s are for Basten Company at year-end, July 31, 2017. 1,800 14,200 9,780 34,400 Accumulated depreciation-equipment 6,000 3,000 2,080 Notes payable (long-term) 48,700 Cash 22,600 Accounts receivable 4,100 Owner's drawings

Explanation / Answer

Balance Sheet Assets Current Assets: Cash 2668 Debt Investment 3690 Accounts Receivable 1696 Inventory 1256 Prepaid Insurance 880 Total current assets 10190 Long term Investments 264 Property, plant and Equipment Equipment 11500 Less: Accumulated Depreciation - Equipment 5655 5845 Tota Assets 16299 Liabilities and stockholder's equity Current liabilities Notes Payable 500 Accounts Payable 1444 Total current liabilities 1944 Long-term liabilities Long term Debt 1000 Notes Payable 400 Total long term liabilities 1400 Total liabilities 3344 Stockholder's Equity Common Stock 10000 Retained Earnings 2955 Total stockholders equity 12955 Total liabilities and Stockholder's Equity 16299

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