Chapter 7
Corporations: The Financial Statements
350
c) Prepare a classified balance sheet as at September 30, 2016. Additional information is as
follows.
• The loan payable is due over four years. The principal payments are $1,050 eachmonth.
• Preferred shares: $1, cumulative, 55,000 authorized, 7,800 issued and outstanding
• Common shares: 100,000 authorized, 15,900 issued and outstanding
