Share
Explore BrainMass

Classfied balance sheet

Renfro Co
Balance Sheet
As of December 31, 2001

Cash- 90,000

Accounts Receivable (Net)- 52,200

Investments- 76,300

Inventories- 57,000

Equipment (Net)- 86,000

Patents- 32,000

Accounts Payable- 75,000

Long-Term Liabilities-110,000

Stockholders' Equity- 208,500

The following additional information is provided:

1. Cash includes the cash surrender value of a life insurance policy 9,400 and a bank overdraft 1,500 has been deducted

2. The net accounts receivable balance includes:
a. accounts receviable--debit balances 60,000
b. accounts receivable--credit balances 3,000
c. allowance for doubtful accounts 4,800

3. Inventories do not include goods costing 5,000 shipped on consignment. Receivables of 5,000 were recorded on these goods

4. Investments include investments in common stock, trading 24,000 and available for sale 43,300 and franchise 9,000

5. Equipment costing 8,000 with accumulated depreciation 6,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is 40,000

Prepare a balance sheet in good form (stockholders' equity details can be omitted)

Please complete a new balance sheet reflecting the above 5 statements in Excel please.

Overall, assets and liabilities should equal 398,000
Thank You!

Solution Summary

The solution explains how to prepare a classified balance sheet

$2.19