Question

In: Accounting

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.)

Solutions

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 3 years ago
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