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(solution) prepare a classified balance sheet for Liberty Corp. at december


prepare a classified balance sheet for Liberty Corp. at december 31, 2015

(debit)

cash 18,500

long term investments 55,000

accounts receivable 26,500

prepaid insurance 4,500

supplies 10,000

land 45,000

buildings 367,500

(credit)

accumulated depreciation 80,000

accounts payable 37,500

notes payable due 2016   65,000

interest payable 10,000

notes payable due 2025   120,000

common stock 100,000

(also the question is asking for the amount of retained earnings for the debit side) on the credit side, the retained earnings is 114,500. the totals for each both add up to 527,000


Accounts Title

 

Debit

 

Credit

 

Cash

 

18500

 

Long Term Investment

 

55000

 

Accounts Receivable

 

26500

 

Prepaid Insurance

 

4500

 

Supplies

 

10000

 

Land

 

45000

 

Building

 

367500

 

Accumulated Depreciation

 

80000

 

Accounts...

 


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