Chapter 6
The Accounting Cycle: Statements and Closing Entries
153
Great Scot
Classified Balance Sheet
As at December 31, 2016
Assets
Current Assets
Cash
$42,500
Accounts Receivable
56,300
Inventory
87,400
Prepaid Insurance
11,600
Total Current Assets
$197,800
Long-Term Investments
Equity Investment
60,000
Debt Investment
30,000
Total Long-Term Investments
90,000
Property, Plant & Equipment
Land
240,000
Building
$680,000
Less Accumulated Depreciation
(52,000)
628,000
Equipment
123,000
Less Accumulated Depreciation
(26,000)
97,000
Total Property, Plant & Equipment
965,000
Patents
45,000
Goodwill
60,000
Total Assets
$1,357,800
Liabilities
Current Liabilities
Accounts Payable
$62,100
Interest Payable
1,300
Unearned Revenue
15,800
Current Portion of Bank Loan
25,000
Total Current Liabilities
$104,200
Long-Term Liabilities
Mortgage
520,000
Long-Term Portion of Bank Loan
120,000
Total Long-Term Liabilities
640,000
Total Liabilities
744,200
Owner's Equity
Scot, Capital
613,600
Total Owner's Equity
613,600
Total Liabilities and Owner's Equity
$1,357,800
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Figure 6.23
