Cornerstone Exercise 3-26 Preparing a Balance Sheet

Sparrow Company had the following adjusted trial balance at December 31, 2019.

Sparrow Company Adjusted Trial Balance December 31, 2019
		Debit		Credit
Cash		$3,150
Accounts Receivable		5,650
Prepaid Insurance		4,480
Equipment		42,000
Accumulated Depreciation, Equipment				$24,000
Accounts Payable				2,800
Salaries Payable				4,450
Unearned Service Revenue				3,875
Common Stock				8,000
Retained Earnings				2,255
Dividends		10,500
Service Revenue				99,600
Salaries Expense		49,400
Rent Expense		17,250
Insurance Expense		2,200
Depreciation Expense		4,950
Income Tax Expense		5,400
	Totals	144,980		144,980

Required:

Prepare a classified balance sheet for Sparrow at December 31, 2019.

Sparrow Company
Balance Sheet
December 31, 2019
Assets
Current assets:
	$
Total current assets		$
Property, plant, and equipment:
	$
Total property, plant, and equipment
Total assets		$
Liabilities
Current liabilities:
	$
Total current liabilities		$
Stockholders' Equity
Stockholders' equity:
	$
Total stockholders' equity
Total liabilities and stockholders' equity		$