Question

The following items are taken from the financial statements of Ivanhoe Company at December 31, 2022. Land $197,900 Accounts receivable $22,000 Supplies $10,200 Cash $12,050 Equipment $82,100 Buildings $261,200 Land improvements $45,900 Notes receivable (due in 2023) $6,200 Accumulated depreciation—land improvements $12,700 Common stock $80,000 Retained earnings (December 31, 2022) $495,000 Accumulated depreciation—buildings $33,600 Accounts payable $9,800 Mortgage payable $91,900 Accumulated depreciation—equipment $18,950 Interest payable $3,400 Income taxes payable $15,500 Patents $46,700 Investments in stock (long-term) $71,300 Debt investments (short-term) $5,300 Required: Prepare a classified balance sheet. Assume that $9,300 of the mortgage payable will be paid in 2023.

          The following items are taken from the financial statements of Ivanhoe Company at December 31, 2022. 

Land $197,900 

Accounts receivable $22,000 

Supplies $10,200 

Cash $12,050 

Equipment $82,100 

Buildings $261,200 

Land improvements $45,900 

Notes receivable (due in 2023) $6,200 

Accumulated depreciation—land improvements $12,700 

Common stock $80,000 

Retained earnings (December 31, 2022) $495,000 

Accumulated depreciation—buildings $33,600 

Accounts payable $9,800 

Mortgage payable $91,900 

Accumulated depreciation—equipment $18,950 

Interest payable $3,400 

Income taxes payable $15,500 

Patents $46,700 

Investments in stock (long-term) $71,300 

Debt investments (short-term) $5,300 

Required:
Prepare a classified balance sheet. Assume that $9,300 of the mortgage payable will be paid in 2023.

Added by Sarah R.

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