Exercise 5-11 Presented below is the adjusted trial balance of Sandhill Corporat

Question

Exercise 5-11 Presented below is the adjusted trial balance of Sandhill Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,510 Prepaid Insurance 1,310 Equipment 48,310 Accumulated Depreciation-Equipment $ 4,310 Trademarks 1,260 Accounts Payable 10,310 Salaries and Wages Payable 810 Unearned Service Revenue 2,310 Bonds Payable (due 2024) 9,310 Common Stock 10,310 Retained Earnings 25,310 Service Revenue 10,310 Salaries and Wages Expense 9,310 Insurance Expense 1,710 Rent Expense 1,510 Interest Expense 1,210 Total $ ? $ ? Additional information: 1. Net loss for the year was $3,430. 2. No dividends were declared during 2017. Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

Explanation / Answer

Prepare a classified balance sheet as of December 31, 2017

ASSETS Current Assets Cash 6850 Supplies 1510 Prepaid insurance 1310 Total current assets 9670 Fixed assets Equipment 48310 Lesss: Accumlated dep-equipment (4310) Total fixed assets 44000 Other Assets Trade mark 1260 Total other assets 1260 TOTAL ASSETS 54930 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities Account payable 10310 Salaries and wages payable 810 Unearned service revenue 2310 Total current liabilities 13430 Long term liabilities Bonds payable 9310 Total long term liabilities 9310 Stockholder's equity Common stock 10310 Retained earnings (25310-3430) 21880 Total stockholder's equity 32190 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 54930

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