Reference no: EM132689731

Tidy Products Corp., a sales business, has the following accounts and items at December 31, 20X1. Assume the company's operating cycle is one year.

Shipping expense $20,700
Accumulated depreciation $26,600
Notes receivable $13,500 (matures October 1, 20X2)
Gain on sale of equity investments $3,300
Salaries and wages payable $5,400
Prepaid rent $43,200 (to be used evenly over the next two years)
Patents $47,000
Sales returns and allowances $8,500
Interest expense $12,400
Bonds payable $52,200 (matures February 28, 20X4)
Bond sinking fund $17,200 (long-term)
Cash $2,300
Equity investments $18,300 (trading)
Buildings $34,900
Land $11,600 (held-for-sale)
Common stock $33,800

Problem 1: Using the listed accounts and items above, prepare the assets half of the balance sheet for Tidy Products Corp. according to GAAP format and terminology (ignoring the liabilities and stockholders' equity half). To save time, prepare the classified balance sheet in a "condensed" format except for the current assets that need to be filled out completely.