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)