The financial statement columns of the worksheet for The Coffee Pot at December 31, 2014, are as follows: Instructions
(a) Calculate the retained earnings balance that would appear on a Statement of financial position at December 31, 2014.
(b) Prepare a classified statement of financial position for The Coffee Pot at December 31, 2014 assuming the note payable is a long-term liability.

Question

The financial statement columns of the worksheet for The Coffee Pot at December 31, 2014, are as follows:  Instructions
(a) Calculate the retained earnings balance that would appear on a Statement of financial position at December 31, 2014.
(b) Prepare a classified statement of financial position for The Coffee Pot at December 31, 2014 assuming the note payable is a long-term liability.

Quizplus · Accepted Answer

The Answer of The financial statement columns of the worksheet for The Coffee Pot at December 31, 2014, are as follows:  Instructions
(a) Calculate the retained earnings balance that would appear on a Statement of financial position at December 31, 2014.
(b) Prepare a classified statement of financial position for The Coffee Pot at December 31, 2014 assuming the note payable is a long-term liability.

The Financial Statement Columns of the Worksheet for the Coffee