Using the Following Data,prepare a Classified Balance Sheet as of December

question 136

Essay

Using the following data,prepare a classified balance sheet as of December 31,2010,for the Lee Company.There are 2,000 shares of $10 par value common stock issued and outstanding.

$$\begin{array} { l r l r } \text { Accounts Payable } & \$ 1,600 & \text { Accounts Receivable } & 3,000 \\\text { Building Not Currently Used } & 19,000 & \text { Cash } & 5,200 \\\text { Accumulated Depreciation, } & 8,000 & \text { Unearned Revenue } & 800 \\\text { Equipment } & & \\& & \text { Short-Term Investments } & 2,000\\ \text { Common Stock } & 20,000 &\text { Land } & 16,000 \\ \text { Retained Earnings } & 22,600 & \text { Equipment } &15,000 \\\text { Copyright } & 5,000 & \text { Long-Term Investments } & 800 \\\text { Bonds Payable (due in 20 } & 13,000 & & \\\text { years) } & & &\end{array}$$

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Definitions:

Management Team

A group of individuals at the top level of an organization who are responsible for making strategic decisions and ensuring the company achieves its goals.

Competitive Advantage

A condition or unique attribute that allows a company to outperform its competitors, securing a superior position in the market.

Market Opportunity

The identification of a specific market need that can be met by a new product or service, offering potential for business growth.

Sole Proprietor

A business owned and run by one individual where there's no legal distinction between the owner and the business entity.