Answer and Explanation:
The Preparation of classified balance sheet for Volz Cleaning, Inc., at the end of March is shown below:-
Assets
Current Assets:
Cash $27,000
($45,000 - $8,000 - $2,000 - $7,000 + $3,000 - $4,000)
Investment (short term) $4,000
($7,000 - $3,000)
Notes receivables $2,000
Total Current Assets $33,000
Long Term Non Current Assets:
Computer equipment $4,000
Delivery Truck $35,000
Total long term $39,000
Total assets $72,000
Liabilities
Liabilities
Notes payable $27,000
Total liabilities $27,000
Stockholder equity
Common Stock $6,000
Additional Paid in Capital $39,000
Total Stockholder's equity $45,000
Total Liabilities & Stockholder's
equity $72,000
