P 3-1
Balance sheet preparation
Presented below is a list of balance sheet accounts in alphabetical order.
Accounts payable
Inventories
Accounts receivable
Land (in use)
Accumulated depreciation—buildings
Long-term investments
Accumulated depreciation—equipment
Notes payable (due in 6 months)
Allowance for uncollectible accounts
Notes receivable (due in 2 years)
Bond sinking fund
Patent
Bonds payable (due in 10 years)
Preferred stock
Buildings
Prepaid expenses
Cash
Rent payable (current)
Common stock
Retained earnings
Copyright
Short-term investments
Equipment
Taxes payable
Interest receivable (due in three months)
Wages payable
Required:
Prepare a classified balance sheet ignoring monetary amounts.
P 3-2
Balance sheet preparation; missing elements