The following are the ending balances of accounts at December for the Valley Pump Corporation.
Additional Information:
The $ balance in the land account consists of $ for the cost of land where the plant and office buildings are located. The remaining $ represents the cost of land being held for speculation.
The $ balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell onehalf of the stock within the next year.
The notes payable account consists of a $ note due in six months and a $ note due in three annual installments of $ each, with the first payment due in August of
Required:
Prepare a classified balance sheet for the Valley Pump Corporation at December Use the additional information to help determine appropriate classifications and account balances.
Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet
At December
Assets
