Question

Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow. Accounts payable $ 5,600 Accounts receivable $ 17,200 Cash 46,000 Gomez, Capital 21,000 Land 31,000 Long-term notes payable 26,000 Pearson, Capital 36,000 Litt, Capital 5,600

Prepare a classified balance sheet.

Answer 1

Balance Sheet

Assets	Amount	Liabilities and owner's equity	Amount
Current assets :		Current liabilities :
Cash	46,000	Accounts payable	5,600
Accounts receivable	17,200	Total current liabilities	5,600
Total current assets	63,200	Long term liabilities :
Long term Assets :		Long term note payable	26,000
Land	31,000	Total Long term liabilities	26,000
Total long term assets	31,000	Owner's Equity :
		Gomez, Capital	21,000
		Pearson, Capital	36,000
		Litt, capital	5,600
		Total owner's Equity	62,600
Total assets	94,200	Total Liabilities and owner's equity	94,200

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answered by: anonymous