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Exercise 5-11 Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2020. Debit Credit Cash Supplies $ 1,560 Equipment Prepaid
Exercise 5-11 Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2020. Debit Credit Cash Supplies $ 1,560 Equipment Prepaid Insurance Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) 1,360 48,360 $ 4,360 1,310 10,360 860 2,360 9,360 Common Stock 10,360 Retained Earnings 25,360 Service Revenue 10,360 Salaries and Wages Expense 9,360 Insurance Expense 1,760 Rent Expense 1,560 Interest Expense 1,260 Total Additional information: 1. Net loss for the year was $3,580. 2. No dividends were declared during 2020. Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.)
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