Balance Sheets Accounting Principles
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Using the information in Problem 16-6A, located on page 721, prepare a Classified Balance Sheet at December 31, 2010.
Remember: A balance sheet must "balance".
Accounting Principles, 9th Edition
Jerry J. Weygandt, University of Wisconsin, Madison
Paul D. Kimmel, University of Wisconsin-Milwaukee
Donald E. Kieso, Northern Illinois University
ISBN: 978-0-470-31754-9
©2009
1288 pages
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Solution Summary
The expert examines the balance sheet accounting principles.
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PROBLEM 16-6A
URBINA CORPORATION
Balance Sheet
December 31, 2010
Assets
Current assets
Cash................................................................... $ 42,000
Short-term stock investment,
at fair value................................................... 180,000
Accounts receivable....................................... $140,000
Less: Allowance for doubtful
accounts................................................ 6,000 134,000
Merchandise inventory.................................. 170,000
Prepaid insurance........................................... 16,000
Total current assets....................................................... 542,000
Investments
Investment in stock of less than 20% of
owned companies, at ...
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