Preparing Financial Statements
Samples: Classified Financial Statements
- Task 1: What belongs Where
- Answer key to task 1
- Task 2: Preparation of Balance Sheet
- Answer key to task 2
- Samples: Classified Financial Statements
For your information . . .
Two examples of classified financial statements are presented here for you to
examine.
Classified Financial Statements:
REPORT FORM of Balance Sheet:
The Toronto Hotel
Balance Sheet
October 31, 1997
| Assets | |||
| Current Assets | |||
| Cash | $9 300 | ||
| Accounts Receivable | 2 000 | ||
| Supplies | 6 000 | ||
| Total Current Assets | $17,300 | ||
| Fixed Assets | |||
| Land | 50 000 | ||
| Building | 500 000 | ||
| Room Furniture | 110 000 | ||
| Office Equipment | 5 000 | ||
| Total Fixed Assets | 665 000 | ||
| Total Assets | $682 300 | ||
| Liabilities and Owner’s Equity | |||
| Current Liabilities | |||
| Accounts Payable | $24 000 | ||
| Long-Term Liabilities | |||
| Bank Loan | $15 000 | ||
| Mortgage Payable | 100 000 | ||
| Total Long-Term Liabilities | 115 000 | ||
| Total Liabilities | 139 000 | ||
| Owner’s Equity | |||
| Smith, Capital Oct. 1 | 536 000 | ||
| Add: Net Income for October | $8 200 | ||
| Less: Smith, Drawings | 900 | ||
| Increase in Capital | 7 300 | ||
| Smith, Capital Oct. 31 | 543 300 | ||
| Total Liabilities and Owner’s Equity | $682 300 | ||
ACCOUNT FORM of Balance Sheet:
The Toronto Hotel
Balance Sheet
October 31, 1997
| Assets | Liabilities | |||||
| Cash | $9 300 | Accounts Payable | $24 000 | |||
| Accounts Receivable | 2 000 | Bank Loan | 15 000 | |||
| Supplies | 6 000 | Mortgage Payable | 100 000 | |||
| Land | 50 000 | Total Liabilities | 139 000 | |||
| Building | 500 000 | |||||
| Room Furniture | 110 000 | Owner’s Equity | ||||
| Office Equipment | 5 000 | Smith, Capital, Oct. 1 | $536 000 | |||
| Add: Net Income for Oct. | $8 200 | |||||
| Less: Smith, Drawings | 900 | |||||
| Increase in Capital | 7 300 | |||||
| Smith, Capital, Oct. 31 | 543 300 | |||||
| Total Assets | $682 300 | Total Liabilities and Owner’s Equity |
$682 300 | |||
BALANCE SHEET ACCOUNT CATEGORIES:
| Current Assets | Fixed Assets | Current Liabilities | Long-Term Liabilities |
| Cash | Land | Accounts Payable | Bank Loan |
| Government Bonds | Building | Taxes Payable | Mortgage Payable |
| Marketable Securities | Furniture | Furniture Salaries Payable | |
| Accounts Receivable | Equipment | Short-term Loans | |
| Supplies | Trucks |
Adapted from: Meigs, W.B., R.F. Heigs, and W.P. Lam. Accounting: The Basis for Business Decisions. Toronto: John Deyell Co., 1985; and D'Amico, V., and J. Magnan. Accounting - An Introduction. Mississauga: Copp Clark-Pitman Ltd., 1991.
- Task 1: What belongs Where
- Answer key to task 1
- Task 2: Preparation of Balance Sheet
- Answer key to task 2
- Samples: Classified Financial Statements