Chapter 7
Corporations: The Financial Statements
365
c) Prepare a classified balance sheet as at December 31, 2016. Additional information as of
December 31, 2016 is as follows.
• The loan payable is due over five years. The principal payments are $1,000 for each
month.
• Preferred shares: $8, cumulative, 100,000 shares authorized, 25,000 have been
issued and are outstanding
• Common shares: unlimited number of shares authorized, 46,000 shares have been
issued and are outstanding
