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Long-Term Notes Payable on the Balance Sheet

The following year-end adjusted trial balance is for Tom Jones Co. at the end of December 31. The credit balance in Tom Jones, Capital at the beginning of the year, January 1, was $320,000. The owner, Tom Jones, invested an additional $300,000 during the current year. The land held for future expansion was also purchased during the current year.

Prepare a classified year-end balance sheet. (Note: A $22,000 installment on the long-term note payable is due within one year.)


Solution Summary

Classified Balance Sheet, Notes Payable. Soving Accounting issues using the Classified Balance Sheet. This solution shows a completed Classified Balance Sheet with reference to problem specifics.