Question

A Player The Following items Are Taker X RBlouses Jeans ROMWE Bu/courses/32712/assignments/465178 PRG These items are taken from the financial statements of Carla Vista Co. at December 31, 202, $124,844 14,868 3770 13.971 97,232 72.216 920 6,254 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue 3.068 70,800 47,199 53,808 11.210 110,448 22,090 4,248 17,346 Prepare a classified balance sheet. Assume that $16,048 of the note payable will be paid in 2023 liquidity and Property, Plant and Equipment in order of Land, Buildings and Equipment.) CARLA VISTA CO. Balance Sheet CR X - C C The Following items Are Take:

Answer 1

Answer:

See the explanation

Explanation:

Income statement for year ending December 31, 2022  

Revenues:

Service revenue $17,346

Total revenues    $17,346

Expenses:

Insurance expense $920

Depreciation expense $6,254

Interest expense $3,068

Total expenses ($10,242)

Net income $7,104

Balance sheet as on December 31, 2022

Current assets:

Cash $13,971

Accounts receivable $14,868

Prepaid insurance $3,776

Total current assets $32,615

Non Current assets:

Property, Plant & Equipment

Land $72,216

Buildings $124,844

Less: Accumulated Depreciation ($53,808) -----> $71,036

Equipment $97,232

Less: Accumulated Depreciation ($22,090) ------> $75,142

Total Non current assets $218,394

Total Assets $251,009

Liabilities:  

Current Liabilities :

Accounts Payable $11,210

Interest payable    $4,248

Total current liabilities $15,458

Non Current liabilities:

Notes payable $110,448

Total non current liabilities $110,448

Stockholder's equity:

Common stock $70,800

Retained Earnings $47,199

Add: Net income $7,104  ------->  $54,303

Total stockholder's equity $125,103

Total liabilities & stockholder's equity $251,009

Hope this helps!