The following items are taken from the financial statements of Ivanhoe Company at December 31, 2022. Land $197,900
Accounts receivable 22,000
Supplies 10,200
Cash 12,050
Equipment 82,100
Buildings 261,200
Land improvements 45,900
Notes receivable (due in 2023) 6,200
Accumulated depreciation—land improvements 12,700
Common stock 80,000
Retained earnings (December 31, 2022) 495,000
Accumulated depreciation—buildings 33,600
Accounts payable 9,800
Mortgage payable 91,900
Accumulated depreciation—equipment 18,950
Interest payable 3,400
Income taxes payable 15,500
Patents 46,700
Investments in stock (long-term) 71,300
Debt investments (short-term) 5,300

Required:
Prepare a classified balance sheet. Assume that $9,300 of the mortgage payable will be paid in 2023.

                            Ivanhoe Company

                                Balance sheet

Particulars                  Amount           Amount

Assets

Current assets

Cash                               12,050

Account receivables     22,000

Supplies                          10,200

Debt investment             5300

Total current assets                                         49,550

Fixed assets

Land                                             197,900

Equipment                     82,100

Less acc. depreciation  (18,950)  

Net equipment                             63,150

Building                          261,200  

Less acc. depreciation   (33,600)  

Net building                                  227600

Land improvements       45,900  

Less acc. depreciation   (12,700)  

Net land improvements               33,200

Note receivables                           6,200

Patents                                           46,700

Investment in stock                        71,300

Total fixed assets                                              646,050

Total assets                                                        695,600

Liabilities and shareholders equity

Current liabilities

Account payable           9800  

Interest payable            3400  

Income tax payable       15,500  

Total current liabilities                   28,700

Long term liabilities

Mortgage payable          91,900

Total long term liabilities                        91,900

Shareholders equity

Common stock               80,000

Retained earnings          495,000

Total shareholders equity                        575,000

Total liabilities and shareholders equity$69,5600

a.   is the correct choice.

good luck. : )

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"