The unadjusted trial balance of Stellar Construction Company on December 31, 2017, contained the following accounts at the end of the company's calendar year. Credit 49,000 STELLAR CONSTRUCTION COMPANY Unadjusted Trial Balance December 31, 2017 Debit Cash $223,000 Notes Receivable 23,000 Accounts Receivable 23,000 Inventory, 12/31/16 Prepaid Insurance 4,000 Prepaid Rent 9,100 Supplies 3,200 Land 28,000 Equipment 87,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable (due 2019) Owner's Capital Owner's Drawings 4,600 Sales Revenue Sales Returns and Allowances 1,900 Sales Discounts 1,900 Purchases 52,000 Purchases Returns and Allowances Purchases Discounts Freight-in 3,100 Rent Expense 20,100 Salaries and Wages Expense 18,000 Utilities Expense 2,800 Advertising Expense 2,000 Interest Expense 2,300 Interest Revenue Rent Revenue Totals $558,000 $ 17,400 27,000 11,900 74,000 127,400 280,000 800 1,300 15,500 2,700 $558,000 The company uses the periodic inventory system. In addition, the following year-end information was available to the accountant: 1. 2. 3. 4. 5. 6. 7. Inventory taken on 12/31/17 was $43,000. Depreciation on equipment was $8,700. Unpaid accrued salaries were $2,900. Unexpired rent amounted to $2,400. Supplies on hand were $1,800. Accrued sales revenue on 12/31/17 was $3,400. Expired insurance amounted to $1,900. Interest on the company's notes receivable at year-end amounted to $500. Unearned rent revenue earned at year-end amounted to $4,300. 8. 9. Debit Credit No. Date Account Titles and Explanation 2017 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31 5. Dec. 31 6. Dec. 31 7. Dec. 31 8. Dec. 31 9. Dec. 31 STELLAR CONSTRUCTION COMPANY Worksheet For the year ended December 31, 2017 Adjusted Adjustments Trial Balance Dr. Dr. Cr. Income Statement Account Name Balance Sheet Unadjusted Trial Balance Dr. Cr. Cr. Dr. Cr. Dr. Cr. Cash Notes Receivable Accounts Receivable Inventory, 12/31/16 Prepaid Insurance Prepaid Rent Supplies Land Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable (due 2019) Owner's Capital Owner's Capital Owner's Drawings Sales Revenue Sales Returns & Allowances Sales Discounts Purchases Purchases Returns & Allowances Purchases Discounts Freight-in Rent Expense Salaries and Wages Expense Utilities Expense Utilities Expense Advertising Expense Interest Expense Interest Revenue Rent Revenue TOTALS Depreciation Expense Salaries and Wages Payable Supplies Expense Insurance Expense Interest Receivable Totals Net Income STELLAR CONSTRUCTION COMPANY Statement of Owner's Equity SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet for Stellar Construction Company as of December 31, 2017. (List current assets in order of STELLAR CONSTRUCTION COMPANY Balance Sheet V Assets $ Liabilities and Stockholders' Equity Date Account Titles and Explanation Debit Credit 2017 Jun. 30 (To close all income statement accounts with credit balances to Income Summary) (To close all income statement accounts with debit balances to Income Summary) (To transfer net income to capital) (To close drawings to capital)
