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Prepare a classified balance sheet in good form

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Reference no: EM13327433

The following items were taken from the December 31, 2013 adjusted trial balance of Flip Company. (All balances are normal.)

Mortgage payable $ 1,443 Accumulated depreciation 3,655

Prepaid expenses 880 Accounts payable 1,444

Equipment 11,000 Notes payable after 2015 1,200

Long-term investments 1,100 Flip s capital 11,480

Short-term investments 3,690 Accounts receivable 1,696

Notes payable in 2014 1,000 Inventories 1,756

Cash 2,100 Service Revenue 9,000

Rent Expense 1,000 Wages Expense 5,000

Utilities Expense 1,000

Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.

Reference no: EM13327433

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