The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company:

Accumulated Depreciation	$42,400
Prepaid Rent	6,800
Supplies	850
Unearned Fees	7,310
Trucks	49,300
Cash	3,400
Common Stock	2,000
Retained Earnings	?

Prepare a classified balance sheet.

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Expert Solution

Abigail Company's Balance Sheet as on April 30, XXX
Assets	Amt	Liabilties and Capital	Amt
CURRENT ASSETS		CURRENT LIABILITIES
Prepaid Rent	$ 6,800	Unearned Fees	$ 7,310
Supplies	$ 850	OWNER'S EQUITY
Cash	$ 3,400	Common Stock	$ 2,000
FIXED ASSETS		Capital/ Retained earning (balancing Figure)	$ 8,640
Trucks =$ 49,300	$ 6,900
Less Accumuated Dep = $ 42,400
Total	$ 17,950	Total	$ 17,950

Prepaid rent, Supplies & Cash can be realised/ consumed in less than 1 year and hence, are part of Current liabilities.Truck less accumulated depriciation yields benefit to the company for more than a year and hence, are part of fixed assets. Unarned fees is against advance received for work to be delivered in less than 1 year and hence, part of current liability. Common stock is owener's equity (and is considered as long term liability.. Usually stays within company till it ceases to exist). Assets exceed liabilies (excluding retained earnings) by $ 8,640. This balancing figure becomes the retained earnings and has been put under Owner's equity.

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ekkarill92 answered 1 year ago

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