Dubey Companies Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2018.

Accounts Payable $ 850
Accounts Receivable 900
Accumulated Amortization 510
Accumulated Depreciation 1,140
Allowance for Doubtful Accounts 40
Cash and Cash Equivalents 1,040
Common Stock 480
Deferred Revenue 1,980
Equipment 7,630
Income Taxes Payable 40
Notes Payable (long-term) 2,770
Notes Receivable (long-term) 260
Prepaid Rent 280
Retained Earnings 7,270
Service Revenue 500
Short-Term Investments 4,050
Software 920

Required:

Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (One of the accounts does not belong on the balance sheet.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Question

06-08-2022
Business

Answered

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Dubey Companies Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2018.

Accounts Payable $ 850
Accounts Receivable 900
Accumulated Amortization 510
Accumulated Depreciation 1,140
Allowance for Doubtful Accounts 40
Cash and Cash Equivalents 1,040
Common Stock 480
Deferred Revenue 1,980
Equipment 7,630
Income Taxes Payable 40
Notes Payable (long-term) 2,770
Notes Receivable (long-term) 260
Prepaid Rent 280
Retained Earnings 7,270
Service Revenue 500
Short-Term Investments 4,050
Software 920

Required:

Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (One of the accounts does not belong on the balance sheet.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Sagot :

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-08-09T17:23:25-04:00

The classified balance sheet shows that the total liabilities and stockholders equity will be $13390.

How to explain the balance sheet?

It should be noted that a classified balance sheet refers to a financial statement that has classifications like the current assets, liabilities, etc.

From the table that's attached, the total current assets is $6230 while the total assets is $13390.

For the liabilities, the total current liabilities is $2870 and the total liabilities is $5640.

Also, the total stockholders equity is $7750 and lastly, the total liabilities and stockholders equity is $13390.

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How to explain the balance sheet?

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