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M4-16 Reporting a Balance Sheet [LO 4-4] The Sky Blue Corporation...

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Accounting

M4-16 Reporting a Balance Sheet [LO 4-4]

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Debit Credit
Cash $ 1,290
Accounts Receivable 2,600
Prepaid Insurance 2,900
Notes Receivable (long-term) 3,600
Equipment 15,000
Accumulated Depreciation $ 3,800
Accounts Payable 6,020
Salaries and Wages Payable 1,300
Income Taxes Payable 3,500
Unearned Revenue 720
Common Stock 3,000
Retained Earnings 1,240
Dividends 360
Sales Revenue 47,430
Rent Revenue 360
Salaries and Wages Expense 22,800
Depreciation Expense 1,900
Utilities Expense 4,820
Insurance Expense 2,000
Rent Expense 6,600
Income Tax Expense 3,500
Total $ 67,370 $ 67,370

1.

Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)

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