Presented below is the adjusted trial balance of Pina Corporation at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Pina Corporation at December 31, 2017.

	Debit	Credit
Cash	$ ?
Supplies	1,310
Prepaid Insurance	1,110
Equipment	48,110
Accumulated Depreciation-Equipment		$ 4,110
Trademarks	1,060
Accounts Payable		10,110
Salaries and Wages Payable		610
Unearned Service Revenue		2,110
Bonds Payable (due 2024)		9,110
Common Stock		10,110
Retained Earnings		25,110
Service Revenue		10,110
Salaries and Wages Expense	9,110
Insurance Expense	1,510
Rent Expense	1,310
Interest Expense	1,010
Total	$ ?	$ ?

Additional information:

1.		Net loss for the year was $2,830.
2.		No dividends were declared during 2017.

Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

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Expert Solution

Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

Pina Corporation
Balance sheet
December 31, 2017
Assets
Current assets
Cash	6850
Supplies	1310
Prepaid Insurance	1110
Total current assets		9270
Non Current assets
Equipment	48110
Accumulated Depreciation-Equipment	-4110	44000
Other assets
Trade mark		1060
Total Assets		54330

Liabilities and stockholder's equity
Current liabilities
Account payable	10110
Salaries and Wages Payable	610
Unearned Service Revenue	2110
Total current liabilities		12830
Long term liabilties
Bonds payable		9110
Total liabilities		21940
Stockholder'equity
Common Stock	10110
Retained earnings	22280
Total Stockholder's equity		32390
Total liabilties and stockholder's equity		54330

ekkarill92 answered 1 year ago

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