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In: Accounting

The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit   Cash...

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit
  Cash $ 1,260
  Accounts Receivable 2,300
  Prepaid Insurance 2,600
  Notes Receivable (long-term) 3,300
  Equipment 13,500
  Accumulated Depreciation $ 3,200
  Accounts Payable 5,720
  Salaries and Wages Payable 1,150
  Income Taxes Payable 3,200
  Unearned Revenue 660
  Common Stock 2,700
  Retained Earnings 1,120
  Dividends 330
  Sales Revenue 44,730
  Rent Revenue 330
  Salaries and Wages Expense 22,200
  Depreciation Expense 1,600
  Utilities Expense 4,520
  Insurance Expense 1,700
  Rent Expense 6,300
  Income Tax Expense 3,200
     Total $ 62,810 $ 62,810

Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

SKY BLUE CORPORATION
Balance Sheet
0
0
$0
0
0
$0

Solutions

Expert Solution

Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

SKY BLUE CORPORATION
Balance Sheet
Assets
Current assets
Cash 1260
Account receivable 2300
Prepaid insurance 2600
Total current assets 6160
Non current assets
Long term investmen 3300
Equipment 13500
Less: Accumlated depreciation -3200
Total non current assets $13600
Total Assets 19760
Liabilities and stockholder' Equity
Current liabilities
Account payable 5720
Salary and wages payable 1150
Income tax payable 3200
Unearned revenue 660
Total current liabilties 10730
Total liabilities 10730
Stockholder's equity
Common Stock 2700
Retained earnings 6330
Total Stockholder's equity 9030
Total liabilities and stockholder's equity $19760

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