Business, 21.09.2020 06:01 wendymtz2004

These items are taken from the financial statements of Cullumber Company at December 31, 2022. Buildings $88,872
Accounts receivable 10,584
Prepaid insurance 2,688
Cash 9,946
Equipment 69,216
Land 51,408
Insurance expense 655
Depreciation expense 4,452
Interest expense 2,184
Common stock 50,400
Retained earnings (January 1, 2022) 33,600
Accumulated depreciation—buildings 38,304
Accounts payable 7,980
Notes payable 78,624
Accumulated depreciation—equipment 15,725
Interest payable 3,024
Service revenue 12,348

Required:
Prepare a classified balance sheet. Assume that $11,424 of the note payable will be paid in 2023.

Answers: 2

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These items are taken from the financial statements of Cullumber Company at December 31, 2022. Buil...