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Problem Karr Bowling Alley

Price: $1.99

E4-14 The adjusted trial balance for Karr Bowling Alley at December 31, 2008, contains the
following accounts.

Building  128,800Common stock 100,000
Accounts Receivable  14,520Retained Earnings 15,000
Prepaid Insurance  4,680Accumulated Depreciation - Building 42,600
Cash  18,040Accounts Payable  12,300
Equipment  62,400Note Payable  97,780
Land  64,000Accumulated Depreciation - Equipment  18,720
Insurance Expense  780Interest Payable  2,600
Depreciation Expense  7,360Bowling Revenues  14,180
Interest Expense  2,600  303,180
(a) Prepare a classified balance sheet; assume that $13,900 of the note payable will be paid
in 2009.
(b) Comment on the liquidity of the company

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