Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016. Accounts receivable $41,08
0 Accounts payable 7,605 Cash 15,050 Common stock 42,000 Land 25,230 Long-term notes payable 22,150 Merchandise inventory 29,175 Retained earnings 38,780
1 answer:
Answer:
Explanation:
In the classified balance sheet, we summarize the asset and liabilities into various types
Like assets are divided into fixed assets, current assets, and intangible assets.
Likewise, liabilities are also divided into current liabilities, long term liabilities
In every balance sheet, the accounting equation has used that means
Total assets = Total liabilities + Shareholder equity
The preparation of the classified balance sheet for Alpha Co. is presented in the spreadsheet. Kindly find the attachment below:
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