Business, 06.04.2021 01:40 jt121717

The December 31, 2021, post-closing trial balance for Strong Corporation is presented below: Accounts Debit Credit
Cash $ 23,400
Accounts receivable 23,200
Prepaid insurance 4,300
Supplies 160,000
Long-Term Investments 57,000
Land 46,000
Buildings 278,000
Accumulated depreciation 83,000
Accounts payable 37,200
Notes payable, due 2022 62,000
Interest payable 11,000
Notes payable, due 2031 121,000
Common stock 210,000
Retained earnings 67,700
Totals $ 591,900 $ 591,900

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Answer from: babyari18

Question Completion:

Prepare a classified balance sheet as of December 31, 2021.

Strong Corporation

STRONG CORPORATION

Classified Balance Sheet

As of December 31, 2021

Assets

Current Assets:

Cash $ 23,400

Accounts receivable 23,200

Prepaid insurance 4,300

Supplies 160,000 $210,900

Total current assets

Long-Term Investments $57,000

Long-term assets:

Land 46,000

Buildings 278,000

Acc. depreciation 83,000 195,000 $241,000

Total assets $508,900

Liabilities and Equity

Current liabilities:

Accounts payable 37,200

Notes payable, due 2022 62,000

Interest payable 11,000 $110,200

Long-term liabilities:

Notes payable, due 2031 $121,000

Equity:

Common stock 210,000

Retained earnings 67,700 $277,700

Total liabilities and equity $508,900

Explanation:

a) Data and Analysis:

STRONG CORPORATION

Post-closing Trial Balance

December 31, 2021

Accounts Debit Credit

Cash $ 23,400

Accounts receivable 23,200

Prepaid insurance 4,300

Supplies 160,000

Long-Term Investments 57,000

Land 46,000

Buildings 278,000

Accumulated depreciation $83,000

Accounts payable 37,200

Notes payable, due 2022 62,000

Interest payable 11,000

Notes payable, due 2031 121,000

Common stock 210,000

Retained earnings 67,700

Totals $ 591,900 $ 591,900

b) The balance sheet is a summary of the financial position or assets, liabilities, and equity of Strong Corporation as at December 31, 2021.

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