Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 40,830 Accounts payable 7,740 Cash 17,500 Common stock 43,000 Land 28,840 Long-term notes payable 24,500 Merchandise inventory 27,750 Retained earnings 39,680

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Business

Cassius Mendoza

11 November, 23:10

Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 40,830 Accounts payable 7,740 Cash 17,500 Common stock 43,000 Land 28,840 Long-term notes payable 24,500 Merchandise inventory 27,750 Retained earnings 39,680

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Reginald Fry · Answer 1

Alpha Co.

Balance Sheet

At at Year 1

Amount in $

Current Assets

Accounts Receivable 40,830

Cash 17,500

Inventory 27,750

Total Current Assets 86,080

Non-Current Assets

Land 28,840

Total Assets 114,920

Current Liabilities

Accounts Payable 7,740

Long Term Liabilities

Long Term Note payable 24,500

Stockholders' Equity

Common Stocks 43,000

Retained Earnings 39,680

Total liabilities & Stockholders' Equity

(7,740+24,500+43,000+39,680) 114,920