I. Problem 2-3 Classified Balance Sheet, P. 93

Andy Brooks – Activity 2.4 – Homework 2

I. Problem 2-3 Classified Balance Sheet, p. 93

1.

Ruth Corporation

Balance Sheet

December 31, 2012

ASSETS

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Current assets

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Cash $ 13,230

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Accounts receivable 23,450

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Inventory 45,730

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Prepaid rent 1,500

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Office supplies 2,340

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Total current assets $ 86,250

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Investments

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Long-term investments $ 85,000

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Property, plant, and equipment

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Land $250,000

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Building $200,000

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Less: Accumulated depreciation 40,000 160,000

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Automobiles $112,500

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Less: Accumulated depreciation 22,500 90,000

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Total property, plant, and equipment 500,000

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Intangible assets

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Patents 40,000

Total assets $711,250

LIABILITIES

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Current liabilities

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Accounts payable $ 18,255

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