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The following data were taken from the adjusted trial balance of Star Corporation. Star Corporation Adjusted Trial Balance Data At December 31, 2020 Except
The following data were taken from the adjusted trial balance of Star Corporation. Star Corporation Adjusted Trial Balance Data At December 31, 2020 Except for the Retained Earnings Accounts Payable $12,000 Accounts Receivable 13,000 Accumulated Depreciation-Building 6,000 Accumulated Depreciation-Furniture & Fixtures 9,000 Building 60,000 Common Stock 40,000 Cash 24,000 Copyrights 22,000 Furniture & Fixtures 15,000 Land 25,000 Note Payable (10%, due in 5 years) 40,000 Office Supplies 1,000 Prepaid Insurance 3,000 Retained Earnings (January 1, 2020) 23,000 Salaries Payable 2,000 Service Revenue 85,000 Salaries Expense Utilities Expense 28,000 2,000 Depreciation Expense Insurance Expense Office Supplies Expense 5,000 2,000 1,000 4,000 Interest Expense Note: Dividends declared during the year was $12,000. Required: Prepare a classified balance sheet on December 31, 2020. (Ignore income taxes). Hint: you will have to prepare an income statement and statement of retained earnings to arrive at the ending Retained Earnings (December 31, 2020) which you will need in order to prepare the balance sheet
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