90.2K
Verified Solution
Link Copied!
The December 31, 2024, account balances for Cortez Company are presented below. The balances have been appropriately adjusted.
| Accounts | Debit | Credit |
| Cash | $ 16,000 | |
| Accounts receivable | 169,000 | |
| Prepaid rent | 8,000 | |
| Supplies | 31,000 | |
| Equipment | 330,000 | |
| Accumulated depreciation | | $ 126,000 |
| Accounts payable | | 20,000 |
| Salaries payable | | 3,100 |
| Interest payable | | 1,800 |
| Notes payable (due in two years) | | 20,000 |
| Common stock | | 160,000 |
| Retained earnings | | 140,000 |
| Dividends | 24,000 | |
| Service revenue | | 460,000 |
| Salaries expense | 187,000 | |
| Advertising expense | 77,000 | |
| Rent expense | 11,000 | |
| Depreciation expense | 38,000 | |
| Interest expense | 2,900 | |
| Utilities expense | 37,000 | |
| Totals | $ 930,900 | $ 930,900 |
Required:
Prepare a classified balance sheet for Cortez Company as of December 31, 2024.
Note: Amounts to be deducted should be indicated with a minus sign.
Prev
Question 24 of 29 Total24 of 29
Visit question mapNext
Answer & Explanation
Solved by verified expert
