Solved: Long-term debit 1100 accumulated-depreciation equipment, Accounting Basics

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Long-term debit 1100 accumulated-depreciation equipment

Question - The following items were taken from the financial statements of P. Sheridan Company (all amounts are in thousands)

Long-term debit $1,100 Accumulated-depreciation equipment $15,300

Prepaid Insurance 990 Accounts payable 1,100

Equipment 11,600 Notes payable (due after 2021) 300

Stock Investment (long-term) 200 Owner's capital 13,890

Debt investment (short term) 4,000 Accounts receivable 1,500

Notes payable (due in 2021) 500 Inventory 1,800

Cash 2,100

Prepare a classified balance sheet in good form as of December 31, 2020?

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Accounting Basics: Long-term debit 1100 accumulated-depreciation equipment

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