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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
Retained Earnings
25,270
Service Revenue
Salaries and Wages Expense
Insurance Expense
1,670
Rent Expense
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.)
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