E5-11 CH5 WILEY

E5-11 CH5 WILEY - E5-11 Correct(Balance Sheet Preparation...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: E5-11 Correct. (Balance Sheet Preparation) Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2010. Debits Credits Cash $ ? Office supplies 5,110 Prepaid insurance 4,910 Equipment 51,910 Accumulated depreciation$4,000 Equipment Trademarks 1,200 Accounts payable 13,910 Wages payable 500 Unearned service revenue 2,250 Bonds payable, due 2017 12,910 Common stock 13,910 Retained earnings 25,000 Service revenue 10,000 Wages expense 9,000 Insurance expense 1,400 Rent expense 1,200 900 Interest expense $ ? $ ? Total Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2010. Prepare a classified balance sheet as of December 31, 2010. (List current assets in order of liquidity. List multiple entries for current liabilities from largest to smallest amounts, e.g. 10, 5, 3.) ABBEY CORPORATION Balance Sheet December 31, 2010 Assets Current assets Cash $ 6,850 Office supplies 5,110 4,910 Prepaid insurance Total current assets 16,870 Equipment 51,910 4,000 Less: Accumulated depreciation 47,910 1,200 $ 65,980 Intangible-trademark Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Unearned service revenue Wages payable Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Retained earnings: ($25,000 - $2,500*) *[$10,000 - ($9,000 + $1,400 + $1,200 + $900)] $ 13,910 2,250 500 16,660 12,910 29,570 13,910 22,500 36,410 $ 65,980 ...
View Full Document

This note was uploaded on 11/30/2011 for the course ACC 101 taught by Professor B during the Fall '09 term at CUNY Baruch.

Page1 / 2

E5-11 CH5 WILEY - E5-11 Correct(Balance Sheet Preparation...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online