Presented below is the adjusted trial balance of Morgan, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 750 Accounts Receivable 3,000 Prepaid

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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.)

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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... View full answer

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