Answered step by step
Verified Expert Solution
Question
1 Approved Answer
E5-11 (Balance Sheet Presentation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2014. Debits Credits Cash ?? Supplies $1,200 Prepaid
| E5-11 (Balance Sheet Presentation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2014. | ||||||
| Debits | Credits | |||||
| Cash | ?? | |||||
| Supplies | $1,200 | |||||
| Prepaid Insurance | 1,000 | |||||
| Equipment | 48,000 | |||||
| Accumulated Depreciation - Equipment | $4,000 | |||||
| Trademarks | 950 | |||||
| Accounts Payable | 10,000 | |||||
| Salaries and Wages Payable | 500 | |||||
| Unearned Service Revenue | 2,000 | |||||
| Bonds Payable, due 2021 | 9,000 | |||||
| Common Stock | 10,000 | |||||
| Retained Earnings | 25,000 | |||||
| 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 2014. | ||||||
| Instructions: | ||||||
| Prepare a classified balance sheet as of December 31, 2014. | ||||||
| Solution to cash as desired. | ||||||
| KELLY CORPORATION | ||||||
| Balance Sheet | ||||||
| December 31, 2014 | ||||||
| Assets | ||||||
| Current assets | ||||||
| Account Title | Amount | |||||
| Account Title | Amount | |||||
| Account Title | Amount | |||||
| Total current assets | Formula | |||||
| Account Title | Amount | |||||
| Account Title | Amount | Formula | ||||
| Account Title | Amount | |||||
| Total assets | Formula | |||||
| Liabilities and Shareholders | ||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Primary English Audit And Test
Authors: Sue Reid, Angela Sawyer, Mary Bennett-Hartley
4th Edition
1446282759, 978-1446282755
