Question
Presented below is the adjusted trial balance of Morgan, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 750 Accounts Receivable 3,000 Prepaid
Presented below is the adjusted trial balance of Morgan, Inc. at December 31, 2017.
Debit | Credit | ||
Cash | $ ? | ||
Supplies | 750 | ||
Accounts Receivable | 3,000 | ||
Prepaid Insurance | 2,100 | ||
Equipment | 80,000 | ||
Accumulated DepreciationEquipment | $20,000 | ||
Trademarks | 3,600 | ||
Accounts Payable | 3,000 | ||
Salaries and Wages Payable | 1,000 | ||
Unearned Service Revenue | 1,200 | ||
Bonds Payable (due 2024) | 32,000 | ||
Common Stock | 2,000 | ||
Additional paid-in capital | 15,000 | ||
Retained Earnings | 14,200 | ||
Service Revenue | 29,600 | ||
Salaries and Wages Expense | 14,000 | ||
Insurance Expense | 2,300 | ||
Rent Expense | 2,600 | ||
Interest Expense | 2,500 | ||
Total | $ ? | $ ? |
Additional information:
1. | Net income for the year was $8,200. | |
2. | No dividends were declared during 2017. |
Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To prepare a classified balance sheet for Morgan Inc as of December 31 2017 we first need to calculate the missing values for Cash and Total AssetsTot...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