Classified balance sheet-whoops bookkeeping service

Assignment Help Accounting Basics

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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