Question
Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash $ ? Supplies 1,300 Prepaid Insurance 1,100 Equipment
Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020.
Debit | Credit | ||
---|---|---|---|
Cash | $ ? | ||
Supplies | 1,300 | ||
Prepaid Insurance | 1,100 | ||
Equipment | 48,100 | ||
Accumulated Depreciation-Equipment | $ 4,100 | ||
Trademarks | 1,050 | ||
Accounts Payable | 10,100 | ||
Salaries and Wages Payable | 600 | ||
Unearned Service Revenue | 2,100 | ||
Bonds Payable (due 2027) | 9,100 | ||
Common Stock | 10,100 | ||
Retained Earnings | 25,100 | ||
Service Revenue | 10,100 | ||
Salaries and Wages Expense | 9,100 | ||
Insurance Expense | 1,500 | ||
Rent Expense | 1,300 | ||
Interest Expense | 1,000 | ||
Total | $ ? | $ ? |
Additional information:
1. | Net loss for the year was $2,800. | |
2. | No dividends were declared during 2020. |
Prepare a classified balance sheet as of December 31, 2020
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