Presented below is the adjusted trial balance of Pina Corporation at December 31
ID: 2338710 • Letter: P
Question
Presented below is the adjusted trial balance of Pina Corporation at December 31, 2017.
Debit
Credit
Cash
$ ?
Supplies
1,310
Prepaid Insurance
1,110
Equipment
48,110
Accumulated Depreciation-Equipment
$ 4,110
Trademarks
1,060
Accounts Payable
10,110
Salaries and Wages Payable
610
Unearned Service Revenue
2,110
Bonds Payable (due 2024)
9,110
Common Stock
10,110
Retained Earnings
25,110
Service Revenue
10,110
Salaries and Wages Expense
9,110
Insurance Expense
1,510
Rent Expense
1,310
Interest Expense
Additional information:
Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)
Debit
Credit
Cash
$ ?
Supplies
1,310
Prepaid Insurance
1,110
Equipment
48,110
Accumulated Depreciation-Equipment
$ 4,110
Trademarks
1,060
Accounts Payable
10,110
Salaries and Wages Payable
610
Unearned Service Revenue
2,110
Bonds Payable (due 2024)
9,110
Common Stock
10,110
Retained Earnings
25,110
Service Revenue
10,110
Salaries and Wages Expense
9,110
Insurance Expense
1,510
Rent Expense
1,310
Interest Expense
1,010 Total $ ? $ ?Explanation / Answer
Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)
Pina Corporation Balance sheet December 31, 2017 Assets Current assets Cash 6850 Supplies 1310 Prepaid Insurance 1110 Total current assets 9270 Non Current assets Equipment 48110 Accumulated Depreciation-Equipment -4110 44000 Other assets Trade mark 1060 Total Assets 54330 Liabilities and stockholder's equity Current liabilities Account payable 10110 Salaries and Wages Payable 610 Unearned Service Revenue 2110 Total current liabilities 12830 Long term liabilties Bonds payable 9110 Total liabilities 21940 Stockholder'equity Common Stock 10110 Retained earnings 22280 Total Stockholder's equity 32390 Total liabilties and stockholder's equity 54330