FINANCIAL STATEMENT PRESENTATION OF OPERATING ASSETS
Athens, Inc., prepared the following post-closing trial balance at December 31, 2009:
| |
Debit |
Credit |
|
Cash
|
$ 3,100
|
|
|
Accounts receivable
|
28,000
|
|
|
Prepaid insurance
|
8,500
|
|
|
Land
|
21,200
|
|
|
Buildings
|
308,000
|
|
|
Equipment
|
124,000
|
|
|
Patent
|
9,800
|
|
|
Goodwill
|
42,400
|
|
|
Accounts payable
|
|
$ 7,600
|
| |
Debit |
Credit |
|
Accumulated depreciation, buildings
|
|
102,000
|
|
Accumulated depreciation, equipment
|
|
48,000
|
|
Unearned revenue
|
|
9,700
|
|
Interest payable
|
|
3,800
|
|
Income taxes payable
|
|
17,100
|
|
Notes payable (due in 10 years)
|
|
170,000
|
|
Common stock
|
|
125,000
|
|
Retained earnings
|
|
61,800
|
|
Totals
|
$545,000
|
$545,000
|
Required:
Prepare a classified balance sheet for Athens Inc. at December 31, 2009. Athens reports the three categories of operating assets in separate subsections of assets.