Question

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3:

Required:

Prepare a classified balance sheet at June 30, Year

Consider the following account balances of Purrfect Pets, Inc., as of June 30, Year 3:

 

 

 

 

 

 

 

 

  Accounts Payable

$

118,020

 

Retained Earnings

 

55,000

 

  Equipment

 

421,900

 

Notes Payable, due Year 5

 

343,500

 

  Common Stock

 

201,500

 

Accounts Receivable

 

202,800

 

  Income Tax Payable

 

3,930

 

Cash

 

97,250

 


               

 

Required:

Prepare a classified balance sheet at June 30, Year

 

 

 

Balance Sheet

At June 30, Year 3

Assets

Liabilities

Current Assets:

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

Total Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Stockholders’ Equity

 

Total Assets

 

Total Liabilities & Stockholders’ Equity