Question
Sparrow Company had the following adjusted trial balance at December 31, 2018. Sparrow Company Adjusted Trial Balance December 31, 2018 Debit Credit Cash$2,750 Accounts Receivable5,650
Sparrow Company had the following adjusted trial balance at December 31, 2018.
Sparrow Company
Adjusted Trial Balance
December 31, 2018DebitCreditCash$2,750
Accounts Receivable5,650
Prepaid Insurance4,480
Equipment42,000
Accumulated Depreciation, Equipment$24,000
Accounts Payable2,400
Salaries Payable4,450
Unearned Service Revenue3,875
Common Shares8,000
Retained Earnings2,255
Dividends Declared10,500
Service Revenue99,600
Salaries Expense49,400
Rent Expense17,250
Insurance Expense2,200
Depreciation Expense4,950
Income Tax Expense5,400
Totals$144,580$144,580
What is the classified statement of financial position for Sparrow at December 31, 2018.
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
