E4-14 The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the...
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E4-14 The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the following accounts. Debits Building Accounts Receivable Prepaid Insurance Cash Equipment Land Insurance Expense Depreciation Expense Interest Expense Credits $128,800 Sue Karr, Capital 14,520 Accumulated Depreciation-Building 4,680 Accounts Payable 18,040 Note Payable 62,400 Accumulated Depreciation Equipment 64,000 Interest Payable 780 Bowling Revenues 7,360 2,600 $303,180 $115,000 42,600 12,300 97,780 18,720 2,600 14,180 $303,180 Instructions (a) Prepare a classified balance sheet; assume that $13,900 of the note payable will be paid in 2011. (b) Comment on the liquidity of the company
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