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3 years ago

The December 31, 2021, post-closing trial balance for Strong Corporation is presented below:

Business

1 answer:

AysviL [449]3 years ago

8 0

Question Completion:

Prepare a classified balance sheet as of December 31, 2021.

Answer:

Strong Corporation

STRONG CORPORATION

Classified Balance Sheet

As of December 31, 2021

Assets

Current Assets:

Cash $ 23,400

Accounts receivable 23,200

Prepaid insurance 4,300

Supplies 160,000 $210,900

Total current assets

Long-Term Investments $57,000

Long-term assets:

Land 46,000

Buildings 278,000

Acc. depreciation 83,000 195,000 $241,000

Total assets $508,900

Liabilities and Equity

Current liabilities:

Accounts payable 37,200

Notes payable, due 2022 62,000

Interest payable 11,000 $110,200

Long-term liabilities:

Notes payable, due 2031 $121,000

Equity:

Common stock 210,000

Retained earnings 67,700 $277,700

Total liabilities and equity $508,900

Explanation:

a) Data and Analysis:

STRONG CORPORATION

Post-closing Trial Balance

December 31, 2021

Accounts Debit Credit

Cash $ 23,400

Accounts receivable 23,200

Prepaid insurance 4,300

Supplies 160,000

Long-Term Investments 57,000

Land 46,000

Buildings 278,000

Accumulated depreciation $83,000

Accounts payable 37,200

Notes payable, due 2022 62,000

Interest payable 11,000

Notes payable, due 2031 121,000

Common stock 210,000

Retained earnings 67,700

Totals $ 591,900 $ 591,900

b) The balance sheet is a summary of the financial position or assets, liabilities, and equity of Strong Corporation as at December 31, 2021.

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