Question

Wolod bo92919 i SIOSTE todmsos 16 Yaequo fobrio Y Toilortalidah bteu bodo 164. The December 31, 2012, post-closing trial balance for Strong Corporation is presented below: Tids 000.8 000. Debits Credits Cash 000 $ 22,500 Investments 000.00 55,000 oldisn' Accounts Receivable 00011 22,500 Prepaid Insurance 000025 4,500 olomo Supplies 100,000 agnum bols Land borvid Buildings 000,02 277,500 unos Accumulated Depreciation 000.00 80,000 Accounts Payable 000.15 37,500 basqa Notes Payable, due 2013 65,000 an Interest Payable 000 10,000 indot Notes Payable, due 2025 120,000 Common Stock del bobro hovorbole 150,000 ton Brunoynicolo od t'! Retained Earnings 64,500 Totals $527,000 $527,000 000.0145.000 Prepare a classified balance sheet for Strong Corporation at December 31, 2012.

Answer 1

	Balance Sheet
	Assets
	Current Assets
	Cash				$   22,500.00
	Accounts Receivable				$   22,500.00
	Prepaid Insurance				$     4,500.00
	Supplies				$ 100,000.00
	Total current assets					$ 149,500.00
	Non- Current Assets
	Investments				$   55,000.00
	Land				$   45,000.00
	Buildings			$ 277,500.00
Less:	Accu. Depreciation			$   80,000.00	$ 197,500.00
	Total Non-current assets					$ 297,500.00
	Total Assets					$447,000.00
	Liabilities & Stockholder's Equity
	Liabilities
	Current Liabilities
	Accounts Payable				$   37,500.00
	Notes Payable				$   65,000.00
	Interest Payable				$   10,000.00
	Total current liabilities					$ 112,500.00
	Long-term Debt
	Notes Payable					$ 120,000.00
	Total Liabilities					$ 232,500.00
	Stockholder's Equity
	Common Stock				$ 150,000.00
	Retained Earnings				$   64,500.00
	Total Equity					$ 214,500.00
	Total Liabilities and Equity					$447,000.00