Purchase Solution

Classified Balance Sheet to Determine Payable Mortgage

Not what you're looking for?

Ask Custom Question

I have started a classified balance sheet but am stuck. The instructions are to prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2008. I am attaching the excel sheet I have prepared on sheet one and the figures that I need to use on sheet 2. I am very stuck and can't see where I have messed up. Please help Thank you.

Building 105,800
A/R 12,600
Prepaid Insurance 4,680
cash 16,840
equipment 82,400
land 61,200
insurance expense 780
depreciation expense 5,300
interest expense 2,600
common stock 62,000
retained earnings (January 1, 2007) 40,000
Accumulated depreciation- Building 45,600
Accounts Payable 9,500
Mortgage Payable 93,600
Accumulated Depreciation-Equipment 18,720
Interest Payable 3,600
Bowling Revenues 19,180

Attachments
Purchase this Solution

Solution Summary

The solution explains how to prepare a classified balance sheet given the account balances.

Solution Preview

Please see the attached file
Since the balances given include income ...

Purchase this Solution


Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.