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The following trial balance is prepared after preparation of income statement for F.
Prepare a classified balance sheet in good form. Common stock authorized was 400000 shares and preferred stock authorized was 20000 shares. In balance sheet total of assets side will always equal to total of liabilities side. Cost and fair value of debt investments trading are the same.
PREPARE A CLASSIFIED BALANCE SHEET IN GOOD FORM. Prepare a corrected trial balance in good form. Prepare a classified balance sheet in good form.
Assume that notes receivable and notes payable are short-term unless stated otherwise. Total assets equal the sum of total liabilities and total equity. In the absence of information about the date of repayment of a liability then it may be assumed.
Green as at 31 March 2015. Start studying Classified Balance Sheet in Good Form. When we make balance sheet by classification of total assets and total liabilities it is called a classified balance sheet.
7 marks QUESTION 5 continued b In good form prepare a classified balance sheet as at Dec 31 2020 17 marks QUESTION 6 8 marks Required. This equation must hold true in any balance sheet and if it doesnt then it is due to an error somewhere in the balance sheet. List Current Assets in the order of liquidity.
How to Prepare a Classified Balance Sheet Balance sheet is just list on the basis of accounting equation. Cost and fair value of debt investments trading are the same. BALANCE SHEET FOR THE YEAR ENDED DECEMBER 31 2017 Assets Current assets Cash 360000 Debt investments trading 121000 Notes receivable 445700 Income taxes receivable 97630 Invetory 239800 Prepaid expenses 87920 Total current assets Property plant and equipment Land 480000 Buildings 1640000 Less.
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