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Homework Question 5 of 5 6.85 / 20 HII The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31 CULLUMBER HOTEL Trial Balance May 31, 2022 Credit Debit $ 2.263 2,600 1.800 14.763 70,000 16,800 $ 4,463 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense 3,300 36,000 59.763 9,000 3,000 800 500 $112.526 $112.526 Other data: Other data: 1. 2. 3. Insurance expires at the rate of $450 per month. A count of supplies shows $1,120 of unused supplies on May 31. (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2,280 on equipment. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,680 has been earned. Salaries of $650 are accrued and unpaid at May 31. Question 5 of 5 6.85 /20 II (d) Your answer is partially correct Prepare a classified balance sheet at May 31 (List current assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings and Equipment.) CULLUMBER HOTEL Balance Sheet May 31, 2022 Assets Current Assets Cash $ Souples Prepaid to conce Intangible Assets Land Buildings $ MacBook Pro Intangible Assets Land Buildings Less : Equipment Less Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Salaries and Wages Payable Unearned Rent Revenue MacBook Pro 6,85 / 20 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Salaries and Wages Payable Unearned Rent Revenue Long-term Liabilities + Mortgage Payable Stockholders' Equity A Common Stock Retained Earnings Total Liabilities and Stockholders' Equity : 4 e Textbook and Media List of Accounts

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