Required information [The following information applies to the questions displayed below.) The December 31, Year...
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Required information [The following information applies to the questions displayed below.) The December 31, Year 1, adjusted trial balance for a company is presented below. Credit Debit $ 10,400 134,000 4,400 22,000 240,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $119,000 10,400 9,400 3,400 24,000 140,000 44,000 340,000 240,000 12,000 24,000 3,400 $690,200 $690,200 3. Prepare a classified balance sheet as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.) Balance Sheet December 31, Year 1 Assets Liabilities Current liabilities: $ Current assets: Cash Accounts Receivable Supplies 10,400 134,000 22,000 Accounts Payable Salaries Payable 10,400 9,400 Total current assets 166,400 Total current liabilities 19,800 Total liabilities 19,800 Stockholders' Equity Long-term assets: Equipment 140,000 Common Stock Retained Earnings Total long-term assets Total assets 0 Total stockholders' equity 166,400 Total liabilities and stockholders' equity 140,000 159,800 $ $
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