Answer:
Total Assets 1819,000
Total Liabilities and Owner's Equity: 1819,000
Step-by-step explanation:
The Classified Balance sheet has the following format.
Conner Corporation
Classified Balance Sheet
December 31
Current Assets
Cash $10,000
Accounts receivable 21,000
Less Allowance for doubtful accounts 1,000
Net Accounts Receivable 20,000
Inventory 137,000
Total Current Assets 167,000
Property Plant Equipment
Land 1,129,000
Building 260,000
Less Accumulated depreciation-Building 70,000
Building 190,000
Equipment 266,000
Less Accumulated depreciation-Equipment 130,000
Equipment 136,000
Leasehold improvements 140,000
Less Accumulated depreciation-Leasehold improvements 22,000
Leasehold improvements 118,000
Total Fixed Assets 1573,000
Intangible Assets
Patent (net of amortization) 60,000
Trademark (net of amortization) 19,000
Total Intangible Assets: 79,000
Total Assets 1819,000
Current Liabilities
Accounts payable 13,000
Interest payable 24,000
Notes payable (short term) 80,000
Total current Assets 117,000
Long term Liabilities
Long-term notes payable 940,000
Total Long term Liabilities 940,00
Owner's Equity
Common stock 420,000
Retained earnings 342,000
Total Common stock and Owner's Equity 762,000
Total Liabilities and Owner's Equity: 1819,000