The accounting records for Nancy\'s Arts and Crafts Supply, Inc., reflected the

Question

The accounting records for Nancy's Arts and Crafts Supply, Inc., reflected the following amounts at the end of May 2016 EEB (Click the icon to view the accounts.) Prepare the classified balance sheet for Nancy's Arts and Crafts Supply, Inc., at May 31, 2016. Use the report format. Begin by preparing the heading and completing the assets section of the balance sheet. Next, complete the liabilities and stockholders' equity sections of the statement. Nancy's Arts and Crafts Supply, Inc. Balance Sheet May 31, 2016 i Data Table Assets Cash Total operating expenses Accounts payable Total stockholders' equity Long-term notes payable Inventory Salaries payable $ 18,500 .24,100 2,300 40,000 3,200 1,700 150 S 2,900 Cost of goods sold 4,400 Equipment, net. 4,600 Accrued liabilities Current Assets: 10,400 Net sales revenue 17,000 Accounts receivable ..3,700 Prepaid rent 1,300 Interest expense PrintDone

Explanation / Answer

Balance sheet :

Current assets Cash 2900 Account receivable 3200 Inventory 3700 Prepaid rent 1700 Total current assets 11500 Non current assets Equipment 24100 Total Assets 35600 Liabilities and stockholder's equity Current liabilities Account payable 4600 Salaries payable 1300 Accured liabilities 2300 Total current liabilities 8200 Long term liabilities Long term notes payable 17000 Total liabiltiies 25200 Stockholder's equity Total Stockholder's equity 10400 Total liabilties and stockholder's equity 35600

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