The Following Is a List of Balance Sheet Accounts (In

question 112

Essay

The following is a list of balance sheet accounts (in random order)and balances for the Community Naval Supply Company.They have been updated as of December 31,2012. Required:
Prepare a classified balance sheet for Community Naval Supply Company at December 31,2012.

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Definitions:

Agent

A person authorized to act on behalf of another person (the principal), engaging in legal acts or transactions.

Negligence

A failure to behave with the level of care that a reasonably prudent person would have exercised under the same circumstances, resulting in harm or injury.

Tort Liability

Legal responsibility arising from civil wrongs not arising out of contractual obligations, resulting in harm or injury to another.

Principal

The main party to a transaction, agreement, or contract, often responsible for fulfilling the obligations set within.