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Exercise 4-14

The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.

                    Debits                     
 
Credits
Buildings $128,000 Common Stock $80,000
Accounts Receivable 7,540 Retained Earnings 28,000
Prepaid Insurance 4,680 Accumulated Depreciation—Buildings 42,600
Cash 18,040 Accounts Payable 12,300
Equipment 62,400 Notes Payable 95,000
Land 67,000 Accumulated Depreciation—Equipment 18,720
Insurance Expense 780 Interest Payable 2,600
Depreciation Expense 7,360 Service Revenue 19,180
Interest Expense 2,600    
  
$298,400
   
$298,400


Prepare a classified balance sheet; assume that $15,000 of the note payable will be paid in 2015. (List current assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)

REGO BOWLING ALLEY
Balance Sheet
December 31, 2014
Assets
      
    
$
      
: : 
    
$
      
    
$
      
    
      
    
    
$

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    Abhishek Jain
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