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    Tricam Engineering Trial Balance Classified Balance Sheet

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    3. The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below.
    Account Title Debits Credits
    Cash ............................................................ 52,000
    Accounts receivable ..................................... 223,000
    Allowance for uncollectible accounts ............. 15,000
    Inventories ................................................... 200,000
    Supplies ...................................................... 3,000
    Investments ................................................. 140,000
    Land ............................................................ 100,000
    Buildings ..................................................... 500,000
    Accumulated depreciation - buildings ............ 150,000
    Machinery .................................................... 250,000
    Accumulated depreciation - machinery ........... 80,000
    Goodwill ...................................................... 36,000
    Accounts payable ........................................ 125,000
    Bonds payable ............................................. 500,000
    Interest payable ............................................ 40,000
    Common stock ............................................ 500,000
    Retained earnings ......................................... ______ 94,000
    Totals 1,504,000 1,504,000
    Additional information provided is below:
    1. Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months.
    2. The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.
    3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.
    4. The bonds payable account consists of the following:
    a. a $200,000 issue due in six months.
    b. a $300,000 issue due in six years.
    5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized.

    Required:
    Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.

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    Solution Summary

    See suggested format and amounts in Excel, attached.

    $2.19