Question

Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the year ended December 31, 2023. For the bank loan, $60,500 is due in 2024. For Notes Receivable, $41,500 will be collected in 2024.

Answer 1

The classified balance sheet for Sunshine Sushi is as follows:

Sunshine Sushi

Classified Balance Sheet

At December, 2023

Assets

Current Assets:

Cash $115,000

Notes Receivable 41,500

Merchandise 34,250

Total current assets $190,750

Non-Current Investments:

Property, plant, and equipment $373,875

Less: Accumulated depreciation 99,700 274,175

Furniture $102,000

Less: Accumulated depreciation 38,250 63,750

Notes Receivable 74,000 $411,925

Total assets $602,675

Current Liabilities:

Accounts payable $41,625

Bank Loan 60,550

Wages payable 30,250

Total current liabilities $132,425

Long-term Liabilities:

Bank Loan 440,450

Total liabilities $572,875

Equity:

Capital $28,500

Net income 12,600

Withdrawal 11,300 $29,800

Total liabilities and equity $602,675

How the balance sheet items are determined:

Income Statement to determine the net income:

Revenue $50,750

Operating expenses 38,150

Net income $12,600

Current Assets and Liabilities:

Bank loan = $60,550 ($501,000 - $440,450)

Notes receivable = $41,500 ($115,500 - $74,000)

Long-term Assets and Liabilities:

Bank loan = $440,450 ($501,000 - $60,550)

Notes receivable = $74,000 ($115,500 - $41,500)