PROBLEM VII. (11 points) Using the following information to prepare the classifi

Question

PROBLEM VII. (11 points) Using the following information to prepare the classified balance sheet for Jameson Corp as of December 31, 2012.

Unearned Revenue $15

Equipment $90

Accumulated Depreciation 40

Revenue 100

Accounts Payable 7

Patents 10

Depreciation Expense 9

Allowance for Doubtful Accounts 15

Cash 5

Amortization Expense 1

Accounts Receivable 55

Notes Payable current 50

Retained Earnings, Dec. 31 13

Salaries Expense 2

Bad Debt Expense 42

Common Stock 20

Cost of Goods Sold 60

Utilities Expense 12

Explanation / Answer

Classified balance sheet :

Assets Current assets Cash 5 Net account receivable (55-15) 40 Total current assets 45 Non current assets Equipment 90 Less : accumlated dep (40) 50 Other assets Patents 10 10 Total Assets 105 Liabilities and shareholder's equity Current liabilities Account payable 7 Unearned revenue 15 Notes payable current 50 Total current liabilities 72 Long term liabilities Shareholder's equity Common stock 20 Retained earnings 13 Total shareholder's equity 33 Total liabilities and shareholder's equity 105

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