The answer to Classified balance sheet

E5-11 (balance sheet preparation) Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2010.

cash $ ?
office supplies 1200
prepaid insurance 1000
equipment 48000
accumulated depreciation - equip 9000
trademarks 950
account payable 10000
wages payable 500
unearned services revenue 2000
bonds payable due 2017 9000
common stock 10000
retained earnings 20000
service revenue 10000
wages expense 9000
insuranse expense 1400
rent expense 1200
interest expense 900

Total $ ? $ ?

Additional information

1. net loss for the year was $2500
2. no dividends were declared during 2010

Instruction

Prepare a classified balance sheet as of December 31, 2010.

Solution Summary

The solution explains how to prepare a classified balance sheet