Using the Following Data,prepare a Classified Balance Sheet for Blanchard

question 56

Essay

Using the following data,prepare a classified balance sheet for Blanchard Corporation as of December 31,2010.
$\begin{array}{lr}\text { Cash } & \$ 200 \\\text { Investments in Short-Term } & 400 \\\text { Government Securities } & \\\text { Accounts Receivable } & 800 \\\text { Inventory } & 3,000 \\\text { Prepaid Rent } & 100 \\\text { Investment in Land Held } & 2,700 \\\text { for future use } & \\\text { Land } & 2,000 \\\text { Building } & 8,000\end{array}\begin{array}{lr}\text { Accumulated Depreciation- } & \$ 1,000 \\\text { Building } & \\\text { Franchise } & 1,800 \\& \\\text { Accounts Payable } & 1,600 \\\text { Revenues Received in Advance } & 400 \\\text { Notes Payable (in two years) } & 4,000 \\\text { Common Stock- \$10 par value, } & 10,000 \\& \\\text { Retained Earnings }&2,000\end{array}$

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Definitions:

Economic Factors

Elements outside the business that affect its performance, including inflation, unemployment, economic growth, and exchange rates.

Foreign Currency Fluctuations

Variations in the value of one currency compared to another, which can impact international trade and investments.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Income Distribution

The way in which a nation’s total income is spread among its population.