Accounting question on balance sheets...?

Question

in an assignment i have for financial accounting, there are 2 questions relating to balance sheets. the first is to compute the dollar amount of the unadjusted trial balance. i did that. then, i made the adjustments that were needed, and now i have to prepare a classfied balance sheet. is that just writing out the assets, liabilities and owners equity and showing what is what?

Answer 1

Yes. Make sure to keep the current assets, current liabilities, and PP&E together with subtotals for each. That is what classified means. Also make sure your assets = liabilities + owners equity.

Answer 2

the final convention is that homes are accounted for at cost much less accumulated depreciation. in spite of the undeniable fact that, decrease than international financial Reporting standards, you'll be able to compliment a revaluation accounting type (that must be extensive-unfold sixteen) and revalue the cost and sensible existence of the homes with adequate regularity, so it reflects the present marketplace cost to a definite quantity. you nevertheless depreciate them, of course.