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In: Accounting

The following data were taken from the adjusted trial balance of Kent Corporation. Kent Corporation Adjusted...

The following data were taken from the adjusted trial balance of Kent Corporation.

Kent Corporation

Adjusted Trial Balance Data

December 31, 2009

Accounts Payable $12,000

Accounts Receivable 13,000

Accumulated Depreciation-Building 6,000

Accumulated Depreciation-Furniture & Fixtures 9,000

Building 60,000

Capital Stock 40,000

Cash 24,000

Copyrights 22,000

Dividends Declared 12,000

Furniture & Fixtures 15,000

Land 25,000

Note Payable (10%, due in 5 years) 40,000

Office Supplies 1,000

Prepaid Insurance 3,000

Retained Earnings (January 1, 2009) 23,000

Salaries Payable 2,000

Service Revenue 85,000

Salaries Expense 28,000

Utilities Expense 2,000

Depreciation Expense 5,000

Insurance Expense 2,000

Office Supplies Expense 1,000

Interest Expense 4,000

Required: Prepare a classified balance sheet in good form at December 31, 2009. (Ignore income taxes).

Expert Solution

Kent Corporation
As at December 31, 2009
	Amount
ASSETS
Current assets
Cash and cash equivalents	$ 24,000
Office Supplies	$ 1,000
Accounts Receivable	$ 13,000
Prepaid Insurance	$ 3,000
Total current assets	$ 41,000

Fixed assets
Building	$ 54,000
Land	$ 25,000
Furniture & Fixtures	$ 6,000
Copyrights	$ 22,000
Total non-current assets	$ 107,000

Total assets	$ 148,000

LIABILITIES AND EQUITY
Current liabilities
Accounts Payable	$ 12,000
Salaries Payable	$ 2,000
Total current liabilities	$ 14,000

Long-term liabilities
Notes payable	$ 40,000
Total non-current liabilities	$ 40,000

Total liabilities	$ 54,000

Shareholders’ Equity
Capital	$ 40,000
Retained earnings	$ 54,000
Total equity	$ 94,000

Total liabilities and equity	$ 148,000

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