identify each account using specific categories and classifications such as current 592822
Using the adjusted trial balance shown below, prepare a balance sheet in vertical report format. Identify each account using specific categories and classifications such as current assets, current liabilities, and so on. After completing the balance sheet, check off each item in the trial balance to ensure each item is shown in the balance sheet.
|
Accounts |
Debit |
Credit |
|
Cash |
$ 4,100 |
|
|
Credits cards receivable |
7,560 |
|
|
Accounts receivable |
1,940 |
|
|
Inventories |
8,200 |
|
|
Prepaid expenses |
1,900 |
|
|
Land |
80,000 |
|
|
Building |
712,800 |
|
|
Accumulated depreciation: (Building) |
$ 186,400 |
|
|
Equipment |
119,080 |
|
|
Accumulated depreciation: (Equipment) |
35,625 |
|
|
Furnishings |
64,120 |
|
|
Accumulated depreciation: (Furnishings) |
11,875 |
|
|
China and tableware |
9,680 |
|
|
Glassware |
2,420 |
|
|
Accounts payable |
8,600 |
|
|
Accrued expenses payable |
2,700 |
|
|
Income taxes payable |
6,100 |
|
|
Current portion, mortgage payable |
13,100 |
|
|
Mortgage payable |
406,900 |
|
|
Capital stock |
151,000 |
|
|
Retained earnings. |
189,500 |
|
|
Trial Balance Totals |
$1,011,800 |
$1,011,800 |