Question

Airlines International s obtained from the accounts of Airlines Inter $ 77,916 67,551 23,952 220,541 248 72,913 28,837 Problems P 3-1 The following information was obtain dated December 31, 2012. It is presented in alphabetical Accounts payable Accounts receivable Accrued expenses Accumulated depreciation Allowance for doubtful accounts Capital in excess of par Cash Common stock (par $0.50, authorized 20,000 shares, issued 14,304 shares) Current installments of long-term debt Deferred income tax liability (long term) Inventory Investments and special funds Long-term debt, less current portion Marketable securities Other assets Prepaid expenses Property, plant, and equipment at cost Retained earnings Unearned transportation revenue (airline tickets expiring within one year) 7,152 36,875 42,070 16,643 11,901 393,808 10,042 727 3,963 809,980 67,361 6,808 Required Prepare a classified balance sheet in report form.

Answer 1

Prepare the classified balance sheet:.

AI Inc
Balance Sheet
December 31, 2012
Assets	Amount	Amount
Current Assets
Cash		$28,837
Marketable Securities		$10,042
Accounts Receivable	$67,551
Deduct Allowance for Doubtful Accounts	($248)	$67,303
Inventory		$16,643
Prepaid Expense		$3,963
Total Current Assets		$126,788
Property, Plant and Equipment:
Equipment	$809,980
Deduct: Accumulated Depreciation - Equipment	($220,541)	$589,439
Long-term Investments:
Investment and Special Funds		$11,901
Intangible Assets:
Other Assets		$727
Total Assets		$728,855
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable	$77,916
Unearned Transport Revenue	$6,808
Accrued Expenses	$23,952
Long-term debt- current portion	$36,875
Total Current Liabilities		$145,551
Non-Current Liabilities
Long-term Debt	$393,808
Deferred income tax liability	$42,070	$435,878
Total Liabilities		$581,429
Stockholders' Equity
Common stock (par $050, authorized 20,000 and issued 14,304 shares)	$7,152
Capital in excess of par	$72,913
Retained Earnings	$67,361
Total stockholders' equity		$147,426
Total liabilities and stockholders' equity		$728,855