Intermediate accounting 1

Classified Balance Sheet

The adjusted trial balance of Kelly Corporation at December 31, 2020 is given in the spreadsheet. You are asked to prepare a classified balance sheet as of December 31, 2020.

Reference the appropriate cells in the trial balance whenever possible in the balance sheet.

Complete the Assets section of the balance sheet (do not complete the cash calculation) by completing the cells with the gold backgrounds.

1. Select the correct accounts from the drop-down lists in column H.
2. Enter the correct values in column I and column J.
3. There may be extra rows in the current assets section of the balance sheet.

Complete the Long-term investments section of the balance sheet.

1. Select the correct account from the drop-down list in cell H18.
2. Enter the correct value in cell J18.

Complete the Property, plant, and equipment section of the balance sheet.

1. Select the correct account from the drop-down list in cell H21.
2. Enter the correct value in cell I21.

Complete the Intangible assets section of the balance sheet.

1. Select the correct account from the drop-down list in cell H25.
2. Enter the correct value in cell J25.

Complete the Current liabilities section of the balance sheet.

1. Select the correct accounts from the drop-down lists in column H.
2. Enter the correct values in column I.

Complete the Long-term liabilities section of the balance sheet.

1. Select the correct accounts from the drop-down lists in column H.
2. Enter the correct values in column J.

Calculate the correct value of Retained Earnings and enter the amount in cell I42 within the Stockholder's equity section of the balance sheet. Additional information is available in cells C31:C33.

Calculate the resulting cash balance in cell I10 of the Current assets section of the balance sheet.

Drop down menu:

Accounts payable

Accumulated depreciation-equipment

Bonds payable (due 2027)

Cash

Common stock

Equipment

Equity investments

Insurance expense

Interest expense

Investments (available for sale)

Notes payable (due 2022)

Prepaid insurance

Rent expense

Retained earnings

Salaries and wages expense

Salaries and wages payable

Service revenue

Supplies inventory

Trademarks

Unearned service revenue

B D E F G H K L M N O 1 Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Instructions: Prepare a classified balance sheet as of December 31, 2020. 2 3 4 5 6 7 8 Kelly Corporation Balance Sheet December 31, 2020 Credit Assets Current assets Cash 4,000 Total current assets Kelly Corporation Trial Balance December 31, 2020 Debit Cash $ ? Supplies Inventory 1,200 Prepaid Insurance 1,000 Investments (available for sale) 1,500 Equity Investments 10,200 Equipment 48,000 Accumulated Depreciation - Equipment Trademarks 950 Accounts Payable Salaries and Wages Payable Notes Payable (due 2022) Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings* (see Additional Information below for current year loss) Service Revenue Salaries and Wages Expense 9,000 Insurance Expense 1,400 Rent Expense 1,200 Interest Expense 900 Total $ 2 S Long-term investments Property, plant, and equipment 10,000 3,200 3,000 2,000 9,000 10,000 25,000 10,000 Less: Accumulated depreciation"equipment 4,000 (4,000) Intangible assets Total assets (4,000) Liabilities and Stockholders Equity Current liabilities ? 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 *Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2020. Total current liabilities Long-term liabilities 10,000 Total liabilities Stockholders equity Common Stock Retained Earnings Total stockholdersTM equity Total liabilities and stockholders equity 10,000 10,000