5e-11 - Amount Total current assets Formula Account Title Amount Account Title Amount Formula Account Title Amount Total assets Formula Exercise

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Exercise 5-11, Page 1 of 2, 02/24/2010, 07:32:32 Name: Exercise: E5-11, Balance Sheet Presentation Course: Date: Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2010. Debits Credits Cash ?? Office Supplies $1,200 Prepaid Insurance 1,000 Equipment 48,000 Accumulated Depreciation - Equip $9,000 Trademarks 950 Accounts Payable 10,000 Wages Payable 500 Unearned Service Revenue 2,000 Bonds Payable, due 2017 9,000 Common Stock 10,000 Retained Earnings 20,000 Service Revenue 10,000 Wages Expense 9,000 Insurance Expense 1,400 Rent Expense 1,200 Interest Expense 900 Total ?? ?? Additional information: 1. Net loss for the year was $2,500 2. No dividends were declared during 2010. Instructions: Prepare a classified balance sheet as of December 31, 2010. Solution to cash: ABBEY CORPORATION Balance Sheet December 31, 2010 Assets Current assets Account Title Amount Account Title Amount Account Title
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Unformatted text preview: Amount Total current assets Formula Account Title Amount Account Title Amount Formula Account Title Amount Total assets Formula Exercise 5-11, Page 2 of 2, 02/24/2010, 07:32:32 Liabilities and Stockholders’ Equity Current liabilities Account Title $10,000 Account Title Amount Account Title Amount Total current liabilities Formula Account Title Account Title Amount Total liabilities Formula Stockholders’ equity Account Title Amount Account Title Amount Total stockholders’ equity Formula Total liabilities and stockholders’ equity Formula Computation of retained earnings: Account Title Amount Title Amount Account Title Formula or: Retained earnings: Amount Plus: Account Title Amount Formula Less: Account Title Amount Account Title Amount Account Title Amount Account Title Amount Formula Retained earnings: Formula...
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This note was uploaded on 02/24/2010 for the course ACCT 4397 taught by Professor Staff during the Spring '08 term at University of Houston.

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5e-11 - Amount Total current assets Formula Account Title Amount Account Title Amount Formula Account Title Amount Total assets Formula Exercise

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