2017 For each item above, indicate the dollar amount to be reported as a current

Question

2017 For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not neported, esplain wb ES-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance December 31, 2017 Sheet Preparation) Presented below is the adjusted trial balance ot Kelly Corporat at Debit Credit Cash 1.200 1000 Prepaid Insurance Equipment Accumulated Depreciation- Equipment 5 4,000 950 Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 10,000 2.000 9,000 10,000 25,000 10,000 9,000 1400 1,200 Total Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2017. Instructions Prepare a classified balance sheet as of December 31, 2017

Explanation / Answer

KELLY CORPORATION Balance Sheet December 31,2017 Assets Current assets Cash $6,850 Supplies 1,200 Prepaid Insurance 1,000 Total Current Assets $9,050 Equipment 48,000 Less: Accumulated Depreciation - Equipment 4,000 44,000 Intangible assets - Trademarks 950 Total Assets $54,000 Liabilities and Shareholders’ Equity Current liabilities Accounts Payable $10,000 Salaries and Wages Payable 500 Unearned Service Revenue 2,000 Total current liabilities $12,500 Bonds Payable, due 2021 9,000 Total liabilities $21,500 Shareholders’ equity Common Stock 10,000 Retained Earning ($25,000-$2,500) 22500 Total shareholders’ equity $32,500 Total liabilities and shareholders’ equity $54,000 Calculation- Calculation of Cash- Credit Sade of Trial Balance Total=$70500 Debit Side of Trial Balance Total= Cash+$63650 Cash= $6850

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