Selected Account Balances of Rich and Company as of December

question 33

Essay

Selected account balances of Rich and Company as of December 31, the end of its fiscal year, are listed below in alphabetical order.
Instructions:
Based on the account balances above, prepare a classified balance sheet.
$$\begin{array} { l r } \text { Accounts Payable } & 36,510 \\\text { Accounts Receivable } & 32,633 \\\text { Accumulated Depreciation, Building } & 39,350 \\\text { Accumulated Depreciation, Equipment } & 23,030 \\\text { Building } & 66,970 \\\text { Cash } & 28,705 \\\text { Equipment } & 36,720 \\\text { Land } & 13,580 \\\text { Merchandise Inventory } & 58,823 \\\text { Mortgage Payable } & 30,613 \\\text { Mortgage Payable (current portion) } & 4,100 \\\text { Notes Payable } & 5,200 \\\text { Notes Receivable } & 4,023 \\\text { Frepaid Insurance } & 3,113 \\\text { S. Rich, Capital } & 105,049 \\\text { Supplies } & 2,585 \\\text { Unearned Rent Income } & 1,000 \\\text { Wages Payable } & 2,300\end{array}$$

---

Definitions:

Linked Object

An object that is connected to, and references data from, another source, allowing for automatic updates.

Source File

The original file from which data is derived, often containing code in programming or markup languages before being compiled or processed.

Embedded Object

An object that is inserted into a document or application but remains linked to its source file, allowing it to be updated with the original.

Source File

The original file containing code or data, which is used by software or compiled into a functioning program.