These Items Are Taken from the Financial Statements of Donovan

question 53

Essay

These items are taken from the financial statements of Donovan Company. at December 31, 2014. $\begin{array}{lr}\text { Buildings } & \$ 95,800 \\\text { Accounts receivable } & 15,600 \\\text { Prepaid insurance } & 4,680 \\\text { Cash } & 18,840 \\\text { Equipment } & 79,400 \\\text { Land } & 61,200 \\\text { Insurance expense } & 780 \\\text { Depreciation expense } & 7,300 \\\text { Interest expense } & 2,600 \\\text { Common stock } & 57,000 \\\text { Retained earnings (January 1, 2014) } & 40,000 \\\text { Accumulated depreciation-buildings } & 45,600 \\\text { Accounts payable } & 15,500 \\\text { Mortgage payable } & 88,600 \\\text { Accumulated depreciation-equipment } & 18,720 \\\text { Interest payable } & 3,600 \\\text { Service revenue } & 17,180\end{array}$ Instructions
Prepare a classified balance sheet. Assume that $13,600 of the mortgage payable will be paid in 2015.

Understand the essential components and types of research methods in psychology.

Identify and explain the importance of external and internal validity in research.

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