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Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2015. Debit Credit Cash ? Supplies 1,200 Prepaid Insurance 1,000 Equipment 48,000
Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2015.
Debit | Credit | ||
Cash | ? | ||
Supplies | 1,200 | ||
Prepaid Insurance | 1,000 | ||
Equipment | 48,000 | ||
Accumulated DepreciationEquipment | 9,000 | ||
Trademarks | 950 | ||
Accounts Payable | 10,000 | ||
Salaries and Wages Payable | 500 | ||
Unearned Service Revenue | 2,000 | ||
Bonds Payable (due 2022) | 9,000 | ||
Share CapitalOrdinary | 10,000 | ||
Retained Earnings | 20,000 | ||
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 2015. |
repare a classified statement of financial position as of December 31, 2015. (List Current Assets in reverse order of liquidity.) ABBEY CORPORATION Statement of Financial Position December 31, 2015 Assets Current Assets Cash Add v Supplies 1,200 Total Current Assets Property, Plant and Equipment Equipment Intangible Assets Trademarks Total Intangible Assets Total Assets Equity and Liabilities
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