Answered step by step
Verified Expert Solution
Link Copied!

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 Equity

Current liabilities

Account Title

Amount

Account Title

Amount

Account Title

Amount

Total current liabilities

Formula

Account Title

Amount

Total liabilities

Formula

Shareholders equity

Account Title

Amount

Account Title

Amount

Total shareholders equity

Formula

Total liabilities and shareholders equity

Formula

Computation of retained earnings:

Account Title

Amount

Title

Amount

Account Title

Formula

or:

Title

Formula

Less: Account Title

Amount

Less: Account Title

Amount

Less: Account Title

Amount

Less: Account Title

Amount

Formula

Period Net income / (Net loss)

Formula

Title

Amount

Title

Formula

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Why And How Of Auditing Auditing Made Easy

Authors: Charles B. Hall

1st Edition

0578519739, 978-0578519739

More Books

Students also viewed these Accounting questions

Question

Give a full definition of arbitrage.

Answered: 1 week ago

Question

which one make wlan interapability

Answered: 1 week ago

Question

7.1 Define selection and discuss its strategic importance.

Answered: 1 week ago