Exercise 4-14
The adjusted trial balance for McCoy Bowling Alley at December 31, 2017, contains the following accounts.
Debits
Credits
Buildings
$127,800
Owner’s Capital
$116,400Accounts Receivable
14,500
Accumulated Depreciation—Buildings
43,500Prepaid Insurance
4,900
Accounts Payable
11,000Cash
19,400
Notes Payable
97,400Equipment
62,700
Accumulated Depreciation—Equipment
17,700Land
67,100
Interest Payable
2,600Insurance Expense
500
Service Revenue
16,800Depreciation Expense
6,500
Interest Expense
2,000
$305,400
$305,400
(a)
Prepare a classified balance sheet; assume that $19,000 of the note payable will be paid in 2018. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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