The following is a list of balance sheet accounts (in random order) and balances for Premium Office Supply Company. They have been updated as of December 31, Year 1.
Required:Prepare a classified balance sheet for Premium Office Supply Company at December 31, Year 1.
What will be an ideal response?
| Premium Office Supply Company |
| Classified Balance Sheet |
| As of December 31, 2016 |
| Assets |
| Cash | $ 80,000 |
| Accounts receivable | 200,000 |
| Inventory | 480,000 |
| Total Current Assets | 760,000 |
| Property, Plant & Equipment | 96,000 |
| Less: Accumulated depreciation | (32,000) |
| Building | 240,000 |
| Less: Accumulated depreciation | (80,000) |
| Land | 80,000 |
| Total Property, Plant & Equipment | 304,000 |
| Total Assets | $1,064,000 |
| Liabilities and Stockholders' Equity |
| Accounts payable | $ 112,000 |
| Unearned revenue | 16,000 |
| Total Current Liabilities | $128,000 |
| Notes payable | 136,000 |
| Total Liabilities | 264,000 |
| Common stock | 480,000 |
| Retained earnings | 320,000 |
| Total Equity | 800,000 |
| Total Liabilities and Equity | $1,064,000 |
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