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    Balance Sheet Preparation for Smith Company

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    AC 550
    Project I
    Balance Sheet

    Debits Credits
    Cash ?
    Office Supplies 2640
    Prepaid Insurance 2,200
    Equipment 105,600
    Accumulated Depreciation-Equipment 8,800
    Trademarks 2,090
    Accounts Payable 22,000
    Wages Payable 1,100
    Unearned Service Revenue 4,400
    Bonds Payable due 2017 19,800
    Common Stock 22,000
    Retained Earnings 55,000
    Service Revenue 22,000
    Wages Expense 19,800
    Insurance Expense 3,080
    Rent Expense 2,640
    Interest Expense 1,980 _______
    Totals ? ?

    Additional information:
    1. Net loss for the year was $5,500.
    2. No dividends were declared during 2010.

    Instructions
    Prepare a classified balance sheet for Smith Company as of December 31, 2010.

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    https://brainmass.com/business/balance-sheet/balance-sheet-preparation-smith-company-369051

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    See the Excel file for the balance sheet.

    First the income statement components need to be removed from the balance sheet (bottom five lines) ...

    Solution Summary

    This solution prepares a balance sheet.

    $2.19

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