Question

Question 1
REQUIRED: Given the following Adjusted Trial Balance, prepare a report form Classified Balance Sheet.

Hint: Prior to creating the Balance Sheet, calculate the profit/loss and the owner’s (revised) capital balance as of the end of the year. You may assume there were no investments.

Erickson Rentals Adjusted Trial Balance March 31, 2010

Debit Credit

Cash	4,000
Accounts Receivable	14,100
Trucks	41,000
Accumulated Depreciation, Trucks		16,500
Equipment	24,000
Accumulated Depreciation, Equipment		11,000
Trademark	10,000
Accounts Payable		3,000
Salaries Payable		1,600
Unearned Fees		1,300
Note Payable**		5,000
T. Webber, Capital		36,750
T. Webber, Withdrawals	7,200
Rental Fees Earned		49,000
Depreciation Expense, Trucks	3,500
Depreciation Expense, Equipment	2,100
Salaries Expense	8,500
Rent Expense	6,000
Miscellaneous Expenses	3,750
Totals	$124,150	$124,150

**note: the current portion of the long term note payable is $1,900.

Profit/Loss Calculation – Circle your final answer. _____________________________________________________________________________

Assignment 1 – Winter 2019 FA1

_____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________

Capital/Equity Calculation : – Circle your final answer. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ Report form Classified Balance Sheet :

Erickson Rentals Balance Sheet March 31, 2010

ASSETS
Current assets:
Total current assets
Property plant and equipment:

Assignment 1 – Winter 2019 FA1

Total property plant and equipment
Intangible assets:
Total assets
LIABILITIES
Current liabilities:
Total current liabilities
Non-current liabilities:
Total liabilities
EQUITY
Total Liabilities and Equity

Answer 1