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3 December, 01:29

The December 31, 2021, post-closing trial balance for Strong Corporation is presented below: Accounts Debit Credit Cash $ 23,300 Accounts receivable 23,100 Prepaid insurance 4,600 Supplies 190,000 Long-Term Investments 52,000 Land 45,000 Buildings 275,000 Accumulated depreciation 86,000 Accounts payable 37,400 Notes payable, due 2022 62,000 Interest payable 12,000 Notes payable, due 2031 129,000 Common stock 180,000 Retained earnings 106,600 Totals $ 613,000 $ 613,000 Prepare a classified balance sheet for Strong Corporation at December 31, 2021.

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  1. 3 December, 02:49
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    Answer and Explanation:

    The balance sheet is shown below:-

    Current assets Current liability

    Cash $23,300 Accounts payable $37,400

    Accounts

    receivable $23,100 Notes payable due

    Prepaid 2022 $62,000

    Insurance $4,600 Interest payable $12,000

    Supplies $190,000 Total current liabilities $111,400

    Total Current Long term liabilities

    assets $241,000

    Long term Notes payable due 2031 $129,000

    Investments $52,000

    Property plants and

    equipment

    Land $45,000 Stockholders Equity

    Building $275,000 Common stock $180,000

    Less: Accumulated Retained Earnings $106,600

    Depreciation $86,000

    Property plants and Total stockholder equity $286,600

    equipment $234,000

    Total assets $527,000 Total Liabilities

    and Stockholders' Equity $527,000

    Therefore the total assets is $527,000 while the total liabilities and stockholder equity is $527,000
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