Transcribed Image Text: Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of December 31, 2019 using columns 2 and 3 of the

Transcribed Image Text: Problem 1: Prepare a classified balance sheet for Sandpiper Corporation as of
December 31, 2019 using columns 2 and 3 of the accounting paper supplied.
Parenthetically show common shares authorized, issued, and outstanding. Use pencil
only, place the units, tens, hundreds, thousands, etc. in the proper mini column, and
leave the pennies blank. No commas are necessary when you use the accounting paper
properly. Dollars signs used at the top of the column and after a total line. Use columns
2 for detail and column 3 for netting, totals, and grand totals. Leave column 1 and 4
blank. This balance sheet balances with these numbers. Bracketed notes are for the
preparer and parathetical notes are for the reader of the financials. You are the
preparer.
Accounts Payable
13,580
47,280
15,740
1,595
Accounts Receivable
Accumulated Depreciation
Allowance for Doubtful Accounts
Bonds Payable
Cash and Cash Equivalents
Common Stock at par $2 (authorized 100,000 shares,
issued xxXXx shares, and XXXX outstanding)
Current Portion of Long-Term Debt
Discounts on Bonds Payable
Intangilbles – Net
Long-Term Debt Payable [not including current portion]
Long-Term Investment in Equity Securities
Merchandise Inventory (FIFO, Lower of Cost or Market)
Paid in Capital in Excess of Par – Common
Prepaid expenses
Property, Plant, and Equipment
Retained Earnings [12/31/2019 after closing entries]
Trading Securities [current]
Treasury Stock – Common (900 shares)
Unearned Revenues
11,000
33,475
120,000
8,560
1,850
37,080
40,250
86,500
48,790
20,360
4,820
140,760
180,820
9,240
3,680
1,570
[You must calculate Issued and outstanding shares.]

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