1 Presented below is the adjusted trial balance of Sage Corporation at December 31, 2017 Debit Credit Cash $ Supplies 1,340 Prepaid Insurance 1,140 Equipment 48,140 Accumulated Depreciation Equipment $ 4,140 Trademarks 1,090 Accounts Payable 10,140 Salaries and Wages Payable 640 Unearned Service Revenue 2,140 Bonds Payable (due 2024) 9,140 Common Stock 10,140 Retained Earnings 25,140 Service Revenue 10,140 Salaries and Wages Expense 9,140 Insurance Expense 1,540 Rent Expense 1,340 Interest Expense 1,040 Total $ $ Additional information 1 Net loss for the year was $2,920 2 No dividends were declared during 2017 Prepare a classified balance sheet as of December 31, 2017 (List Current Assets in order of liquidity ) 2 Sweet Company has decided to expand its operations The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion SWEET COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash $237,000 Accounts receivable (net) 347,000 Inventory (lower of average cost or market) 408,000 Equity investments (marketable) at cost (fair value $127,000) 147,000 Property, plant, and equipment Buildings (net) 577,000 Equipment (net) 167,000 Land held for future use 182,000 Intangible assets Goodwill 87,000 Cash surrender value of life insurance 97,000 Prepaid expenses 19,000 Current liabilities Accounts payable 142,000 Notes payable (due next year) 132,000 Pension obligation 89,000 Rent payable 56,000 Premium on bonds payable 60,000 Long term liabilities Bonds payable 507,000 Stockholders equity Common stock, $1 00 par, authorized 400,000 shares, issued 297,000 297,000 Additional paid in capital 167,000 Retained earnings Prepare a revised balance sheet given the available information Assume that the accumulated depreciation balance for the buildings is $167,000 and for the equipment, $112,000 The allowance for doubtful accounts has a balance of $24,000 The pension obligation is considered a long term liability (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Buildings and Equipment Enter account name only and do not provide the descriptive information provided in the question )

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1. Presented below is the adjusted trial balance of Sage Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,340 Prepaid Insurance 1,140

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

	Debit	Credit
Cash	$ ?
Supplies	1,340
Prepaid Insurance	1,140
Equipment	48,140
Accumulated Depreciation-Equipment		$ 4,140
Trademarks	1,090
Accounts Payable		10,140
Salaries and Wages Payable		640
Unearned Service Revenue		2,140
Bonds Payable (due 2024)		9,140
Common Stock		10,140
Retained Earnings		25,140
Service Revenue		10,140
Salaries and Wages Expense	9,140
Insurance Expense	1,540
Rent Expense	1,340
Interest Expense	1,040
Total	$ ?	$ ?

Additional information:

1.		Net loss for the year was $2,920.
2.		No dividends were declared during 2017.

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

2. Sweet Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.

SWEET COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017
Current assets
Cash		$237,000
Accounts receivable (net)		347,000
Inventory (lower-of-average-cost-or-market)		408,000
Equity investments (marketable)-at cost (fair value $127,000)		147,000
Property, plant, and equipment
Buildings (net)		577,000
Equipment (net)		167,000
Land held for future use		182,000
Intangible assets
Goodwill		87,000
Cash surrender value of life insurance		97,000
Prepaid expenses		19,000
Current liabilities
Accounts payable		142,000
Notes payable (due next year)		132,000
Pension obligation		89,000
Rent payable		56,000
Premium on bonds payable		60,000
Long-term liabilities
Bonds payable		507,000
Stockholders equity
Common stock, $1.00 par, authorized 400,000 shares, issued 297,000		297,000
Additional paid-in capital		167,000
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $167,000 and for the equipment, $112,000. The allowance for doubtful accounts has a balance of $24,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)