with the info provided create a classified balance sheet at

with the info provided, create a classified balance sheet at July 31

Assign M McGraw-Hill Connec Required Iriformation Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $20,000 36,000 180,000 118.000 200,000 2,000 7,000 During the month of July, the company had the following actvties a issued 4,000 shares of common stock for $400.000 cash. b. Borrowed $100,000 cash from a local bank, payable in two years c. Bought a building for $182000: paid $82000 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $200,000 e. Purchased supplies for $30,000 on account Prepare a trial balance and a classified balance sheet 2:52 PM 1/28/2018

Solution

Liabilities and stockholders equity Assets Liabilities Current assets Current liabilities Cash        2,54,000 Accounts payable           50,000 Supplies           37,000 Total current liabilities           50,000 Total current assets        2,91,000 Long-term liabilities property,plant and equipment Notes payable        2,02,000 Equipment        3,18,000 Total long term liabilities        2,02,000 Buildings        2,82,000 Total liabilities        2,52,000 Land        2,00,000 Total property,plant and equipment        8,00,000 Stockholders equity Common stock        5,80,000 Retained earnings        2,59,000 Total stock holders equity        8,39,000 Total liabilities and stockholders equity      10,91,000 Total assets      10,91,000