The following data were taken from the Adjusted Trial Balance columns of the end
ID: 2416684 • Letter: T
Question
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company: Accounts Amount Accumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Common Stock 2,000 Retained Earnings ? Required: Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the Balance Sheet.
Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the Balance Sheet.
Abigail Company
Balance Sheet
1
Assets
2
3
4
5
6
7
8
9
10
11
12
Liabilities
13
14
15
Stockholders' Equity
16
17
18
Labels April 30 Current assets Current liabilities Property, plant, and equipment Amount Descriptions Total assets Total current assets Total property, plant, and equipment Total liabilities and stockholders' equityExplanation / Answer
Abigail Company
Balance Sheet
For the period ending on April 30
1
Assets
2
Current assets:
3
Cash
$ 3,400.00
4
Supplies
$ 850.00
5
Prepaid Rent
$ 6,800.00
6
Total current assets (3+4+5)
$ 11,050.00
7
Property, plant, and equipment:
8
Trucks
$ 49,300.00
9
Accumulated Depreciation
$ (42,400.00)
10
Total property, plant, and equipment (8-9)
$ 6,900.00
11
Total assets (6+10)
$ 17,950.00
12
Liabilities
13
Current liabilities:
14
Unearned Fees
$ 7,310.00
15
Stockholders' Equity
16
Common Stock
$ 2,000.00
17
Retained Earnings = 11-14-16
$ 8,640.00
18
Total liabilities and stockholders' equity = 11
$ 17,950.00
Abigail Company
Balance Sheet
For the period ending on April 30
1
Assets
2
Current assets:
3
Cash
$ 3,400.00
4
Supplies
$ 850.00
5
Prepaid Rent
$ 6,800.00
6
Total current assets (3+4+5)
$ 11,050.00
7
Property, plant, and equipment:
8
Trucks
$ 49,300.00
9
Accumulated Depreciation
$ (42,400.00)
10
Total property, plant, and equipment (8-9)
$ 6,900.00
11
Total assets (6+10)
$ 17,950.00
12
Liabilities
13
Current liabilities:
14
Unearned Fees
$ 7,310.00
15
Stockholders' Equity
16
Common Stock
$ 2,000.00
17
Retained Earnings = 11-14-16
$ 8,640.00
18
Total liabilities and stockholders' equity = 11
$ 17,950.00
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