Question
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
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