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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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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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