The following items were taken from the financial statements of J. Pineda Company

Long-term debt	$1,000	Accumulated depreciation-equipment	$5,655
Prepaid insurance	880	Accounts payable	1,444
Equipment	11,500	Notes Payable (due after 2020)	400
Stock investments (long-term)	264	Owner's capital	12,955
Debt investments (short-term)	3,690	Accounts receivable	1,696
Notes Payable (due in 2020)	500	Inventory	1,256
Cash	2,668

Instructions

Prepare a classified balance sheet in good form as of December 31, 2019.

Solution

J. Pineda Company
Classified balance sheet
December 31, 2019

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Explain the purpose of a worksheet.

Process of preparing closing entries.

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Problem-17: Completing the Accounting Cycle

Instructions

Solution

Problems: Completing the Accounting Cycle

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