Prepare Carolina Communications’ classified balance sheet at July 31, 2012

Price: $1.99



S5-11 Preparing a merchandiser’s balance sheet [10 min]

Review the data in Short Exercise 5-10.

Requirement

1. Prepare Carolina Communications’ classified balance sheet at July 31, 2012. Use
the report format.

data from SE5-10

Cash $3,800 Cost of goods sold $18,000
Total operating expenses 3,500 Equipment, net 10,200
Accounts payable 4,100 Accrued liabilities 1,700
Total owner’s equity 4,200 Net sales revenue 28,000
Long–term notes payable 700 Accounts receivable 2,700
Inventory 500