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Given the Following Balances for Garvey Company on December 31

Question 181

Essay

Given the following balances for Garvey Company on December 31, 20X5, prepare a classified balance sheet.  Accumulated depreciation $21,800 Accounts p ayable 11,200 Accounts receivable 9,800 Additional paid-in capital 24,000 C apital stock 6,000 Cash 7,400 Fixed ass ets 89,400 Interest p ayable 2,400 Inventory 13,600 Long-term note payable 28,000 Prep aid rent 2,500 Retained earnings 22,900 Wages payable 6,400\begin{array}{ll}\text { Accumulated depreciation } & \$ 21,800 \\\text { Accounts p ayable } & 11,200 \\\text { Accounts receivable } & 9,800 \\\text { Additional paid-in capital } & 24,000 \\\text { C apital stock } & 6,000 \\\text { Cash } & 7,400 \\\text { Fixed ass ets } & 89,400 \\\text { Interest p ayable } & 2,400 \\\text { Inventory } & 13,600 \\\text { Long-term note payable } & 28,000 \\\text { Prep aid rent } & 2,500 \\\text { Retained earnings } & 22,900 \\\text { Wages payable } & 6,400\end{array}


Answer:
Garvey Company Balance Sheet
December 31,20×5 31,20 \times 5
 Given the following balances for Garvey Company on December 31, 20X5, prepare a classified balance sheet.  \begin{array}{ll} \text { Accumulated depreciation } & \$ 21,800 \\ \text { Accounts p ayable } & 11,200 \\ \text { Accounts receivable } & 9,800 \\ \text { Additional paid-in capital } & 24,000 \\ \text { C apital stock } & 6,000 \\ \text { Cash } & 7,400 \\ \text { Fixed ass ets } & 89,400 \\ \text { Interest p ayable } & 2,400 \\ \text { Inventory } & 13,600 \\ \text { Long-term note payable } & 28,000 \\ \text { Prep aid rent } & 2,500 \\ \text { Retained earnings } & 22,900 \\ \text { Wages payable } & 6,400 \end{array}    Answer: Garvey Company Balance Sheet December   31,20 \times 5

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