The following are common categories on a classified Balance Sheet:
For each of the following items, select a category from above that identifies the Balance Sheet category where the item typically would appear. Category on Balance SheetAccount Title
Long-term InvestmentsNotes Receivable
Current AssetsMerchandise Inventory
Current LiabilitiesAccounts Payable
Week 4 Checkpoint – Part 2 (5 points)
List the steps in preparing a work sheet in their proper order by writing numbers 1 – 5 in the blank spaces provided.
4Extend adjusted balances to appropriate financial statement columns. 1Prepare an adjusted trial balance on the work sheet.
5Total the statement columns, compute net income (or loss) and complete work sheet. 3Prepare an unadjusted trial balance on the work sheet.
2Enter adjustments data on the work sheet.
Week 4 Checkpoint – Part 3 (25 points)
The Unadjusted Trial Balance for Richmond Floral Supply is provided in the following work sheet. This information is current as of December 31, 2010, Richmond’s first year of operations. Use the following information about the company’s adjustments to complete the 10-column work sheet.
a. Unrecorded depreciation on the trucks at the end of the year is $24,000
b. The total amount of accrued interest at year end should be $8,000
c. The value (cost) of office supplies still available at year-end is $250
Richmond Floral Supply
For Year Ended December 31, 2010
& Statement of
Accounts Receivable34,00034,000 34,000...