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The following are the trial balance and the other information related to Bruce Harms, who operates a construction hauling business. HARMS HAULERS TRIAL BALANCE DECEMBER
The following are the trial balance and the other information related to Bruce Harms, who operates a construction hauling business. HARMS HAULERS TRIAL BALANCE DECEMBER 31, 2022 1. Fees received in advance from clients $5,000. 2. Services performed for clients that were not recorded by December 31,$4,900. 3. Equipment is being depreciated at 8% per year. 4. Bad debt expense for the year is $1,430. 5. Insurance expired during the year $480. 6. Harms gave the bank a 90-day, 5\% note for $7,200 on December 1, 2022. 7. Rent of the building is $750 per month. The rent for all of 2022, and for January of 2023 has been paid. 8. Office salaries and wages earned but unpaid December 31,2022,$1,510. Harms withdrew $12,000 cash for personal use during the year. Prepare a classified statement of financial position. (List current assets in reverse order of liquidity.)
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