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Prepare a classified balance sheet as of december

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Reference no: EM131797585

Exercise

Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2017.

Debit

Credit

Cash

$ ?

Supplies

1,470

Prepaid Insurance

1,270

Equipment

48,270

Accumulated Depreciation-Equipment

$  4,270

Trademarks

1,220

Accounts Payable

10,270

Salaries and Wages Payable

770

Unearned Service Revenue

2,270

Bonds Payable (due 2024)

9,270

Common Stock

10,270

Retained Earnings

25,270

Service Revenue

10,270

Salaries and Wages Expense

9,270

Insurance Expense

1,670

Rent Expense

1,470

Interest Expense

1,170

    Total

$ ?

Additional information:

1. Net loss for the year was $3,310.
2. No dividends were declared during 2017.

Prepare a classified balance sheet as of December 31, 2017.(List Current Assets in order of liquidity.)

Reference no: EM131797585

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