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Green Advertising Services Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $14,000...

Green Advertising Services

Adjusted Trial Balance

December 31, 2018

Balance

Account Title

Debit

Credit

Cash

$14,000

Accounts Receivable

15,800

Office Supplies

6,500

Land

18,400

Building

47,900

Accumulated Depreciation—Building

$36,100

Furniture

19,600

Accumulated Depreciation—Furniture

14,100

Accounts Payable

10,600

Salaries Payable

7,200

Unearned Revenue

16,000

Common Stock

30,000

Retained Earnings

31,400

Dividends

18,300

Service Revenue

49,800

Salaries Expense

28,600

Supplies Expense

8,400

Depreciation Expense—Building

2,900

Depreciation Expense—Furniture

1,300

Advertising Expense

13,500

Total

$195,200

Requirement 3. Prepare the classified balance sheet as of December 31,2018.

Use the account form.

Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero. Abbreviation used: Accum. = Accumulated.)

		Green Advertising Services
		Balance Sheet
		December 31, 2018
Assets









	Less:

	Less:

Liabilities






Stockholders' Equity

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Solution

Green Advertising Services

Balance Sheet

Green Advertising Services
Balance Sheet
at December 31, 2018
Assets
Current Assets
Cash		$14,000
Accounts Receivable		$15,800
Office Supplies		$6,500
total current assets			$36,300
Property, Plant and Equipment
Land		$18,400
Buildings	$47,900
Less: accumulated depreciation -buildings	($36,100)	$11,800
Furniture	$19,600
Less: Accumulated Depreciation - Furniture	($14,100)	$5,500
Property, Plant and Equipment			$35,700
Total Assets			$72,000

Liabilities and Stockholders' Equity
Liabilities
Accounts Payable		$10,600
Salaries Payable		$7,200
Unearned Revenue		$16,000
Liabilities			$33,800
Stockholders' Equity
Common Stock		$30,000
Retained Earnings		$8,200
Stockholders' Equity			$38,200
Liabilities and Stockholders' Equity			$72,000

Computations:

Net income/(Loss)

Service revenue $49,800

Less: expenses:

Salaries expense $28,600

Supplies expense $8,400

Depreciation expense - buildings $2,900

Depreciation expense – Furniture $1,300

Adverting expense $13,500

Total expenses $54,700

Net Loss = ($4,900)

Retained earnings balance –

Beginning balance = $31,400

Less: net loss ($4,900)

Less: dividends paid ($18,300)

Ending balance = $8,200

Note: all the accounts balances are as given in adjusted trial balance. Since, the adjusted trial balance provides account balances after the adjustments, no other changes are needed for the account balances.

ekkarill92 answered 7 months ago

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