These items are taken from the financial statements of Coronado Industries at December 31, 2017....
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Accounting
These items are taken from the financial statements of Coronado Industries at December 31, 2017.
Buildings
$105,800
Accounts receivable
12,600
Prepaid insurance
3,200
Cash
11,840
Equipment
82,400
Land
61,200
Insurance expense
780
Depreciation expense
5,300
Interest expense
2,600
Common stock
60,000
Retained earnings (January 1, 2017)
40,000
Accumulated depreciationbuildings
45,600
Accounts payable
9,500
Notes payable
93,600
Accumulated depreciationequipment
18,720
Interest payable
3,600
Service revenue
14,700
Prepare a classified balance sheet. Assume that $13,600 of the note payable will be paid in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.)
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