There are no numbers. Ignore numbers to the side of accounts. 6-28 The following

Question

There are no numbers. Ignore numbers to the side of accounts.

6-28 The following is an alphabetical list of the accounts of Swenson Stores on December General expenses 2 Interest expense t yInterest payable (current) 12 Accounts payable 2Accounts receivable Administrative expenses 23 Bonds payable (due in 10 yrs) t OBuildings (net) 4 Interest receivable (current) 3-Interest revenue Cash Cost of goods sold Equipment (net) Inventory Investment in government bonds (due in II yrs) . l Land 6 Mortgage payable (10 equal annual payments) 7Prepaid insurance 3 Notes payable (due in 6 months) 3 Notes receivable (due in 8 months) Office supplies Salaries payable 7 Sales 2 Selling expenses 4 T. Swenson, capital l Temporary investments in securities Notes payable (due in 4 years) Notes receivable (due in 3 years) Required: Prepare a December 3l classified balance sheet (without amounts) for Swen- son Stores.

Explanation / Answer

Swenson Stores Balance Sheet December 31 Assets Current Assets Cash xx Temporary investments in securities xx Accounts Receivable xx Inventory xx Office supplies xx Prepaid insurance xx Interest receivable (current) xx Notes receivable (due in 8 months) xx Total current assets xxx Investment Investment in government bonds (due in 11 yrs) xxx Notes receivable (due in 3 years) xxx Property and equipment Buildings (net) xxx Equipment (net) xxx Land xxx Total property and equivalent xxx Total Assets xxx Liabilities Current Liabilities Accounts payable xx Salaries payable xx Interest payable (current) xx Notes payable (due in 6 months) xx Mortgage payable (1 annual payments) xx Total Current liabilities xxx Long term debt Notes payable (due in 4 years) xxx Bonds payable (due in 10 yrs) xxx Mortgage payable (9 equal annual payments) xxx Total Liabilities xxx Owner's Equity T. Swenson, Capital xxx Total Liabilities and owner's equity xxx

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