Income Statement 2- COURSE FIGHTER | coursefighter.com

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Income Statement 2- COURSE FIGHTER | coursefighter.com

These items are taken from the financial statements of Swifty Corporation at December 31, 2017.

Buildings $86,756
Accounts receivable 10,332
Prepaid insurance 2,624
Cash 9,709
Equipment 67,568
Land 50,184
Insurance expense 640
Depreciation expense 4,346
Interest expense 2,132
Common stock 49,200
Retained earnings (January 1, 2017) 32,801
Accumulated depreciation—buildings 37,392
Accounts payable 7,790
Notes payable 76,752
Accumulated depreciation—equipment 15,350
Interest payable 2,952
Service revenue 12,054

Prepare a classified balance sheet. Assume that $11,152 of the note payable will be paid in 2018. (List current assets in order of liquidity and property plant and equipment in order of land, buildings and equipment.)

Swifty Corporation
Balance Sheet

Assets

$

$

$

:

:

$

Liabilities and Stockholders’ Equity

$

$

$

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