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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

    © BrainMass Inc. brainmass.com June 4, 2020, 12:06 am ad1c9bdddf
    https://brainmass.com/business/balance-sheet/balance-sheets-accounting-principles-319456

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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 ...

    Solution Summary

    The expert examines the balance sheet accounting principles.

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