Question

Presented below is information related to Victor Company at December 31, 2019. Assume a tax rate of 30% on all items.Account Title Amount Account Title AmtAccounts Payable ---------------------- $ 204,975 Income Taxes Payable --------------- 78,000Accounts Receivable ...................... 259,200 Interest Payable ........................... 2,850Accum. depreciation - Building - 391,500 Inventory ------------------------------- 790,125Additional Paid-in Capital ................. 81,900 Land ............................................. 232,500Allowance for Doubtful Accounts ---- 3,900 Notes Payable-short-term ---------- 96,000Notes Receivable due in 6 months. 69,000Bonds Payable (due 2025) ----------- 600,000 Preferred Stock ----------------------- 375,000Buildings .......................................... 963,000 Prepaid Insurance ........................ 28,125Cash -------------------------------------- 85,125 Salaries and Wages Payable ------ 17,100Common Stock ................................ 562,500 Supplies ........................................ 18,900Copyrights --------------------------------- 96,450 Trading Securities 36,300Debt Investments (long-term) 140,700 Retained Earnings 306,000Requirements: Prepare the asset section of a Classified Balance Sheet for Victor Company using the Report Form. Include all headings, subheading, subtotals, and totals (with labels) that appear on a Classified Balance Sheet.

Answer 1

Step-by-step explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation is used that means

Total assets = Total liabilities + Shareholder equity

The preparation of the partial classified balance sheet for Victor Company on December 31, 2019 is presented in the spreadsheet. Kindly find the attachment below: