need a few numbers got some right need the rest AE4-14 The adjusted trial balanc
ID: 2345952 • Letter: N
Question
need a few numbers got some right need the rest
AE4-14
The adjusted trial balance for Wootton Bowling Alley at December 31, 2012, contains the following accounts.
Debits
Credits
Building $127,460 Wootton, Capital $113,662
Accounts Receivable 13,886 Accumulated Depreciation-Building 43,110
Prepaid Insurance 4,860 Accounts Payable 11,465
Cash 17,533 Note Payable 96,003
Equipment 61,908 Accumulated Depreciation-Equipment 18,553
Land 63,326 Interest Payable 2,506
Insurance Expense 641 Bowling Revenues
14,320
Depreciation Expense 7,277
$299,619
Interest Expense
2,728
$299,619
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Prepare a classified balance sheet; assume that $13,264 of the note payable will be paid in 2013. (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.)
WOOTTEN BOWLING ALLEY
Balance Sheet
Assets
Current Assets
$
Property, plant and equipment
$
:
:
Total assets $
Liabilities and Owner's Equity
Current Liabilities
$
Total current liabilities
Long-term liabilities
Total liabilities
Owner's equity
Total liabilities and owner's equity $
Your answer is correct.
The company's liquidity appears
Explanation / Answer
Prepare a classified balance sheet; assume that $13,264 of the note payable will be paid in 2013. (List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.) WOOTTEN BOWLING ALLEY Balance Sheet Assets Current Assets $ Cash 17,533 Accounts Receivable 13,886 Prepaid Insurance 4,860 Property, plant and equipment $ Equipment 43,355 (61,908 less Accumulated Depreciation-Equipment 18,553) Building 84,350 ($127,460 less Accumulated Depreciation-Building 43,110): Land 63,326 : Total assets $ 227,310 Liabilities and Owner's Equity Current Liabilities $ Notes payable 13,264 Accounts Payable 11,465 Interest Payable 2,506 Total current liabilities 27,235 Long-term liabilities Note Payable 82,739 Total liabilities 109,974 Owner's equity Wootton, Capital $113,662 Retained earnings 3674 Total liabilities and owner's equity $ 227,310
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