Solution-Prepare a classified balance sheet of abbey

Prepare a classified balance sheet of abbey corporation

Reference no: EM13548750

Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2012.

	Debits	Credits
Cash	$ ?
Supplies	1,200
Prepaid Insurance	1,000
Equipment	48,000
Accumulated Depreciation-Equipment		$9,000
Trademarks	950
Accounts Payable		10,000
Salaries and 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
Salaries and 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 2012.

Instructions

Prepare a classified balance sheet as of December 31, 2012.

Reference no: EM13548750

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Prepare a classified balance sheet of abbey corporation

Reference no: EM13548750

Reference no: EM13548750

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