accounting question?
accounting question?
Can someone please help me with this accounting problem? Its worth a huge part of my grade and i cant seem to get my brain to work. here it is:
Using the following data, prepare a classifiied balance sheet as of December 31, 20x7, for the Lee Company. There are 2,000 shares of common stock issued and outstanding.
Accts Payable-$1600
Building not currently used-19,000
Accumulated Depreciation Equipment- 8,000
Common Stock-20,000
Retained Earnings-22,600
Copyright-5,000
Bonds Payable(due in 20years)-13,000
Accts Recievable-3,000
Cash-5,200
Unearned Revenue-800
Short-term Investments-2,000
Land-16,000
Equipment-15,000
Long-term Investments-800
i almost have the answer,but im a little stuck, i have a few questions.
Where does unearned revenue go?
Does equipment go under long term assets?
Does accumulated depreciation go under long term assets and is it subtracted?
Does bonds payable go under current or long term liabilities?
Where does copyright go? long term liabilities?
How about building not currently used?
Where does short term investments go? im really stuck on that one
How about long term investments?
Thanks for the help everyone!
thank you so much everyone , one more question. Because it is a "classified balance sheet" does that mean its different than a normal balance sheet? does that mean i need to have current assets then long term assets, then current liabilities then long term liabilites and so on? And if so, does unearned rev go under current or long term liabalities? Thanks so much!!
Answers:
2006-10-21 16:01:03
wonderheadellen: Assets: Building not currently use, (-)accumulated deprectiation equipment, copyright, A/R, cash, land, equipment, short and long term investment. Liability: A/P, common stock, retained earnings, bonds payable, unearned revenue
2006-10-21 16:24:00