Conner Corporation's December 31 post-closing trial balance contains the following normal account balances: Cash $10,000 Accounts payable 13,000 Building 260,000 Long-term notes payable 940,000 Common stock 420,000 Retained earnings 342,000 Accumulated depreciation-Equipment 130,000 Land 1,129,000 Accounts receivable 21,000 Accumulated depreciation-Building 70,000 Interest payable 24,000 Patent (net of amortization) 60,000 Notes payable (short term) 80,000 Inventory 137,000 Equipment 266,000 Allowance for doubtful accounts 1,000 Accumulated depreciation-Leasehold improvements 22,000 Leasehold improvements 140,000 Trademark (net of amortization) 19,000

Required Prepare a December 31 classified balance sheet for Dooley Company.

Total Assets 1819,000

Total Liabilities and Owner's Equity: 1819,000

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