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Preparing a Balance Sheet

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

Sparrow Company Adjusted Trial Balance December 31
		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 Declared		10,500
Service Revenue				99,600
Salaries Expense		49,400
Rent Expense		17,250
Insurance Expense		2,200
Depreciation Expense		4,950
Income Taxes Expense		5,400
	Totals	144,980		144,980

Required:

Prepare a classified balance sheet for Sparrow at December 31.

Sparrow Company
Balance Sheet
December 31
Assets
Current assets:
Retained earnings	$fill in the blank 2
Service revenue	fill in the blank 4
	fill in the blank 6
Total current assets		$fill in the blank 7
Property, plant, and equipment:
	$fill in the blank 9
	fill in the blank 11
Total property, plant, and equipment		fill in the blank 12
Total assets		$fill in the blank 13
Liabilities
Current liabilities:
	$fill in the blank 15
	fill in the blank 17
	fill in the blank 19
Total current liabilities		$fill in the blank 20
Stockholders' Equity
Stockholders' equity:
	$fill in the blank 22
	fill in the blank 24
Total stockholders' equity		fill in the blank 25
Total liabilities and stockholders' equity		$fill in the blank 26

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