GOODE COMPANY
Worksheet (partial)
For the Month Ended April 30, 2008
Adjusted Trial Income
Balance Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,752
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation 4,921
Notes Payable 5,700
Accounts Payable 5,672
Common Stock 25,000
Retained Earnings 5,960
Dividends 3,650
Service Revenue 15,590
Salaries Expense 10,840
Rent Expense 760
Depreciation Expense 671
Interest Expense 57
Interest Payable 57
Totals 62,900 62,900
Instructions
Complete the worksheet.
E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued
During April.

Using the information above, there are only so many boxes to input long term liability and stock holders equity. There is no long term liability except Notes payable that I also listed under current liabilities. In addition, there was no common stock issued for April either. I am confused as to what should be listed.

A long-term liability can have a current and long-term aspect to it. For example, if you have a long-term note payable that has some payments due in the current year, you report the payments due within the next year as current and the remainder as long-term.

If no common stock was issued in April, your ending balance at April is still $25,000.