The following accounts are taken from the financial statements of Paradise Resor
ID: 2488896 • Letter: T
Question
The following accounts are taken from the financial statements of Paradise Resorts. at September 30, 2013. (Amounts are in millions)
Accounts Payable $ 900 Cash 3,350 Common Stock 11,400 Equipment 3,200 Income Tax Expense 350 Interest Expense 100 Notes Payable (long-term) 1,150 Notes Payable (short-term) 350 Prepaid Rent 1,350 Retained Earnings 3,100 Service Revenue 7,800 Short-term Investments 6,800 Software 2,200 Prepare a classified balance sheet at September 30, 2013. (Enter your answers in millions.)Explanation / Answer
Solution:
Balance Sheet Asset Liablities Current Assets Current Liabilities Cash 3,350 Accounts Payable 900 Prepaid Rent 1,350 Notes Payable 350 Short Term Investments 6,800 Current Liabilities 1250 Software 2,200 Current Assets 13,700 Long term Liabilities and Stockholer's Equity Fixed Assets Long term Liabilities Equipment 3,200 Notes Payable 1,150 Long term Liabilities 1,150 Fixed Assets 3,200 Stockholer's Equity Common Stock 11,400 Retained Earnings 3,100 Stockholer's Equity 14,500 Total Assets 16,900 Total Liabilities 16,900