Cut Calibri Ba Copy aste Format Painter Clipboard Font X??? payroll Taxes payabl

Question

Cut Calibri Ba Copy aste Format Painter Clipboard Font X??? payroll Taxes payable A22 Sunn side Industries Post-closing Trial Balance 1213112014 Dr Cr ccounts Payable $ 9,318 accounts receivable $3,564 400 1500 200 Accumulated Depletion Accumulated Depreciation-buildings Allowance for Bad Debts 1 Buildings 2 Cash 3 Common Stock 8,084 6,276 4Current portion of long-term debt S Goodwill 6 Health Insurance Payable 7 Inventories 1,500 1,202 2000 5361 2,552 Pags 8 Land Long-term Debt 1400 20 Natural Resources 21 Patent, net 22 Paroll laxes Payable 23 Prepaid Insurance 24 Retained Earnings 25 Short-term investment (less than 1year) 26 Utlities Payable 27 Wages and Salaries Payable 647 453 3,364 435 1.916 863 5,684 $34,655 $34,655 28 29 30 31 32 The post-closing trial balance for Sunnyside Industries is provided above. Since the closin entries 33 for the year have already oocurred, Retained Earnings is up to date. The trial balance has ben 34 prepared in alphabetioal order 36 From the information above, prepare a olassified Balance Sheet for Sunnyside Industries i ad kom 37 as of December 31 2014 38 Sheetl Ready

Explanation / Answer

The classified balance sheet for Sunnyside industries as of december 31, 2014 is shown as follows:-

Sunnyside Industries

Balance Sheet as of December 31, 2014 (Amounts in $)

Assets Current Assets Cash 8,084 Accounts Receivable, Gross 3,564 Less: Allowance for bad debts (200) Accounts Receivable, Net 3,364 Inventories 6,031 Prepaid Insurance 453 Short term investments (less than one year) 3,364 Total Current Assets 21,296 Fixed Assets Tangible Assets Land 2,000 Buildings 6,560 Less: Accumulated Depreciation, Buildings (1,500) Buildings, net 5,060 Natural Resources 1,400 Less: Accumulated Depletion (400) Natural Resources, net 1,000 Intangibles Patents, net 647 Goodwill 2,552 Total Assets 32,555 Liabilities and Stockholder's Equity Current Liabilities Accounts Payable 9,318 Current portion of long term debt 1,500 Health Insurance Payable 1,202 Payroll Taxes Payable 435 Utilities Payable 863 Wages and Salaries Payable 5,684 Total Current Liabilities 19,002 Long Term Liabilities Long Term Debt 5,361 Stockholder's Equity Common Stock 6,276 Retained Earnings 1,916 Total Liabilities and Stockholder's Equity 32,555

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