Classified balance sheet-whoops bookkeeping service

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Reference no: EM13755464

The following balance sheet, prepared by Whoops Bookkeeping Service, has been given to you to review.

Required:

Prepare a corrected, properly classified balance sheet in report form.

Butler Corporation

Balance Sheet

For Year Ended December 31, 2010

Current Assets:

 

Current Liabilities:

 

   Cash

$  6,200

   Accounts Payable

$ 15,000

   Accounts Receivable

13,000

   Wages Payable

2,000

 

   Inventory

30,000

   Accumulated Depreciation

   -Equipment

5,000

 

    Treasury Stock

10,000

   Accumulated Depreciation

   -Buildings

10,000

Property, Plant, and Equipment:

 

 

 

   Land

7,000

Long-Term Liabilities:

 

   Trademarks

5,000

   Current Taxes Payable

4,000

   Buildings

45,000

   Premium on Common Stock

3,000

   Equipment

17,000

   Bonds Payable

60,000

Intangibles:

 

   Notes Payable-Long Term

10,000

   Organization Costs

4,000

 

 

   Discount on Bonds Payable

2,000

Owners' Equity:

 

 

 

   Common Stock

31,200

Investments:

 

   Retained Earnings

12,000

   Long-Term Investment in

     Bonds

8,000

   Allowance for Doubtful

     Accounts

   2,000

   Marketable Securities-

     Short-Term

   7,000

 

 

Total Assets

$154,200

 

$154,200

Reference no: EM13755464

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