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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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  1. 12 November, 02:45
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    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
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