Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Sthitha Corporation reported the following data as part of Adjusted Trial Balance and as additional information. Sthitha Corporation Adjusted Trial Balance Data December 31,
The Sthitha Corporation reported the following data as part of Adjusted Trial Balance and as additional information.
Sthitha Corporation Adjusted Trial Balance Data December 31, 2016 | |
Accounts Payable | $12,000 |
Accounts Receivable | 13,000 |
Accumulated Depreciation-Building | 5,600 |
Accumulated Depreciation-Equipment | 9,400 |
Building | 60,000 |
Common Stock | 40,000 |
Cash | 23,000 |
Copyrights | 22,000 |
Dividends paid | 12,000 |
Equipment | 15,000 |
Land | 25,000 |
Note Payable (10%, due in 5 years) | 40,000 |
Office Supplies ending balance | 1,000 |
Prepaid Insurance | 3,000 |
Retained Earnings (January 1, 2016) | 23,000 |
Wages Payable | 2,000 |
Service Revenue | 85,000 |
Wages Expense | 28,000 |
Utilities Expense | 2,000 |
Depreciation Expense | 5,000 |
Insurance Expense | 2,000 |
Interest Expense | 4,000 |
Requirement:
Other Information: Office supplies beginning balance: 300; office supplies purchased during the year: 2700. Prepare a classified balance sheet in good form at December 31, 2016. (Ignore income taxes).
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