bailey corporation
Presented below is the adjusted trial balance of Bailey's Corporation at December 31, 2010. Debits Credits (in $$ thousands) Cash $22,000 Accounts Receivable 800 Office Supplies 600 Prepaid Insurance 500 Equipment 45,000 Accumulated Depreciation - Equip $4,500 Trademarks 700 Accounts Payable 9,000 Wages Payable 500 Unearned Service Revenue 6,000 Bonds Payable, due 2017 12,000 Common Stock, par value $5.00 per share 10,000 Retained Earnings 0 Service Revenue 22,000 Wages Expense 8,000 Depreciation Expense 4,500 Insurance Expense 1,000 Rent Expense 1,200 Interest Expense 1,200 Total $85,500 $64,000 Additional information: 1. Net loss for the year $6,100 was 2. No dividends were declared during 2010. 3. No changes in long term debt or property plant and equipment during the year 4. The company opened its bank account and started operations in January 2010. Instructions: Calculate the missing amounts above and prepare the following financial statements: a. a classified balance sheet as of December 31, 2010; b. a single step income statement for the year; and c. a statement of cash flows for the period. Presented below is the adjusted trial balance of Bailey's Corporation at December 31, 2010. Debits Credits (in $$ thousands) Cash ?? Accounts Receivable 800 Office Supplies 600 Prepaid Insurance 500 Equipment 45,000 Accumulated Depreciation - Equip $4,500 Trademarks 700 Accounts Payable 9,000 Wages Payable 500 Unearned Service Revenue 6,000 Bonds Payable, due 2017 12,000 Common Stock, par value $5.00 per share 10,000 Retained Earnings 0 Service Revenue 22,000 Wages Expense 8,000 Depreciation Expense 4,500 Insurance Expense 1,000 Rent Expense 1,200 Interest Expense 1,200 Total ?? ?? Additional information: 1. Net loss for the year ?? was 2. No dividends were declared during 2010. 3. No changes in long term debt or property plant and equipment during the year 4. The company opened its bank account and started operations in January 2010. Instructions: Calculate the missing amounts above and prepare the following financial statements: a. a classified balance sheet as of December 31, 2010; b. a single step income statement for the year; and c. a statement of cash flows for the period. Presented below is the adjusted trial balance of Bailey's Corporation at December 31, 2010. Debits Credits (in $$ thousands) Cash ?? Accounts Receivable 800 Office Supplies 600 Prepaid Insurance 500 Equipment 45,000 Accumulated Depreciation - Equip $4,500 Trademarks 700 Accounts Payable 9,000 Wages Payable 500 Unearned Service Revenue 6,000 Bonds Payable, due 2017 12,000 Common Stock, par value $5.00 per share 10,000 Retained Earnings 0 Service Revenue 22,000 Wages Expense 8,000 Depreciation Expense 4,500 Insurance Expense 1,000 Rent Expense 1,200 Interest Expense 1,200 Total ?? ?? Additional information: 1. Net loss for the year ?? was 2. No dividends were declared during 2010. 3. No changes in long term debt or property plant and equipment during the year 4. The company opened its bank account and started operations in January 2010. Instructions: Calculate the missing amounts above and prepare the following financial statements: a. a classified balance sheet as of December 31, 2010; b. a single step income statement for the year; and c. a statement of cash flows for the period
