Question

Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended...

Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow.

Accounts payable $ 5,000 Accounts receivable $ 10,000
Cash 40,000 Gomez, Capital 15,000
Land 25,000 Long-term notes payable 20,000
Pearson, Capital 30,000 Litt, Capital 5,000


Prepare a classified balance sheet.

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Answer #1
Ans. Pearson, Gomez and Litt Partnership Firm
Balance Sheet
For the Year Ended December 31
Assets
Current assets :
Cash $40,000
Accounts receivables $10,000
Total current assets $50,000
Non current assets :
Land $25,000
Total Assets $75,000
Liabilities and Stockholder's Equity
Current Liabilities:
Accounts payable $5,000
Long term liabilities :
Long term notes payable $20,000
Total Liabilities $25,000
Stockholder's equity:
Pearson, capital $30,000
Gomez, capital $15,000
Litt, capital $5,000
Total Stockholder's Equity $50,000
Total Liabilities and Stockholder's Equity $75,000
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