After you've looked those groupings up in your text, please post what you've found.
explain what information would be found in each of the following groupings on a classified balance sheet, and how that data could indicate the future success or failure of a business:
o Current assets
o Long-term investments
o Property, plant, and equipment
do they want the defination of it and how they interact with a balance sheet?
You can post the information these groupings contain on a balance sheet.
1-1-08 ferndell had a/r $56900 and allowance for doubtful account $4700. jan 5 Ferndell prepares financil statement, prepare the necessary journal.
sold $6300 of merchandise to john, terms n/30. Cost of good was $5,100.
Feb 2 accept a $6300, 4-month, 10% promissory from john.
feb 12 sold $7800 of merchandise to candy and accepted candy's $7800, 2 month, 10% note for the balance. the cost of good sold was $6,200.
Feb 26, sold $4000 of merchandise to tom, terms n/10. The cost of goods sold was $3500.
Apr. 5 accepted a $400, 3-month, 8% note from betty.
Apr.12 collected johns note in full.
June2 collected candy's note in full.
July 5. betty dishonors its note of Apr 5. It is expected that betty will pay the amount agreed to.
July 15, Sold $7,000 of merchandise to barry $7000, 3-month, 12% note for the amount due. The gross profit on the sale was $2,800.
Oct 15 Barry's note was dishonored and there is no hope of collecting.
Please help if you can.