sage Hill Inc. was founded in January 2013. Presented below are adjusted and una
ID: 2336909 • Letter: S
Question
sage Hill Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances as at December 31, 2017. Sage Hill Inc. TRIAL BALANCE DECEMBER 31, 2017 Adjusted Unadjusted Dr. Cr. Dr. Cr. $11,660 21,200 8,900 3,550 63,600 $11,660 Accounts receivable 24,910 3,180 2,650 63,600 Prepaid insurance Accumulated depreciation-equipment Accounts payable Interest payable Notes payable Unearned revenue $29,680 5,300 34,980 5,300 150 5,000 5,940 1,380 10,600 4,000 67,310 5,000 7,420 10,600 4,000 62,120 Service revenue Salaries and wages expense 10,600 11,980 520 5,300 5,720 4,240 Interest expense 370 Supplies expense Rent expense 4,240 $124,120 $124,120 $134,660 $134,660Explanation / Answer
The balance sheet of Sage Hill Inc. shall be as follows
2650.00
28620.00
Total Assets
Amount ($)
5000.00
5940.00
Notes: Current period earnings are calculated as follows:
(11980.00)
(900.00)
Assets Amount ($) Amount ($) Current Assets Cash 11660.00 Accounts Receivable 24910.00 Supplies 3180.00 Prepaid Insurance2650.00
Long Term Assets Equipment 63600.00 Less: Accumulated Depreciation (34980.00)28620.00
Total Assets
71,020.00 Liabilities and shareholders funds Amount ($)Amount ($)
Current Liabilities Accounts Payable 5300.00 Notes Payable5000.00
Interest Payable 150.00 Unearned Revenue5940.00
Salaries and Wages Payable 1380.00 Shareholders Equity Retained Earnings 4000.00 Add: Current Period Earnings 38650.00 42650.00 Common Stock 10600.00 Total Liabilities and Shareholders Funds 71,020.00Related Questions
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