Asked by Madeline Lombardo on Apr 24, 2024
The following accounts appear in an adjusted trial balance of Blaine Auto Service Company. Indicate whether each account would be reported in the (a) current assets, (b) property, plant, and equipment, (c) current liabilities, (d) long-term liabilities, or (e) stockholders' equity section of the December 31 balance sheet of Blaine Auto Service Company.
1.Retained Earnings
2.Accumulated Depreciation
3.Unearned Revenues
4.Mortgage Payable
5.Equipment
6.Notes Payable (due in two years)
7.Cash
8.Accounts Receivable
Adjusted Trial Balance
A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements and ensure the ledger accounts are balanced.
Current Assets
Assets that a company expects to convert to cash or use up within one year or the operating cycle, whichever is longer.
Property, Plant, and Equipment
Long-term or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in normal business operations.
- Elucidate and arrange a structured balance sheet.
Learning Objectives
- Elucidate and arrange a structured balance sheet.