Question

Q3- Please prepare the Classified Balance Sheet for Saud’s company based on the following information taken from the trial balance in December 2018

cash	4,500
Account receivable	2,500
Rent expense	1,500
Inventory	500
Account payable	1,900
Unearned revenue	1,600
Common stock	5,000
Retained earnings	1,500
Prepaid rent	800
Building	3,000
Accumulated depreciation – building	1,300
Service revenue	2,400

Answer 1

Saud's Company
Balance Sheet
For December - 2018
Assets		Amount
Current Assets:
Cash	4,500
Accounts receivable	2,500
Inventory	500
Prepaid rent	800
Total Current Assets		8,300
Plant,Assets :
Building	3,000
Less:Accumulated Depreciation- Building	-1,300
Total plant asset		1,700
Total Assets		10,000
Liabilities and Stockholders Equity
Current Liabilities:
Accounts payable	1,900
Unearned revenue	1,600
Total Current liabilities		3,500
Long term Liabilities:
Stockholders Equity
Common stock	5,000
Retained earnings	1,500
Total stockholders equity		6,500
Total Liabilities & stockholders equity		10,000

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