Prepare the 2017 Classified Balance Sheet for Daniels Consulting Corporation bel

Question

Prepare the 2017 Classified Balance Sheet for Daniels Consulting Corporation below.

DANIELS CONSULTING Adjusted Trial Balance - Worksheet (Before Clsoing Entries - Use for financial statements) Account Names Adjusted Trial Balance Debit Credit Cash $   689,323 Accounts Receivable          1,100 Allowance for Bad Debts             312 Office Supplies               15 Equipment          7,200 Software Inventory             300 Prepaid Rent                 - Accumulated Depreciation—Equipment             840 Furniture          6,000 Accumulated Depreciation —Furniture             750 Land       271,485 Short Term Investment - Trading          4,500 FV Adjustment - Trading          1,500 Accounts Payable          1,010 Unearned Revenue             900 Salaries Payable                 - Long-term note payable       303,970 Bonds Payable       500,000 Discount on Bonds Payable         48,930 Inerest Payable         18,532 Daniels, Capital                 - Retained Earnings                 -                 - Common Stock         36,000 Paid in capital in excess par C/S         13,452 Preferred Stock       125,000 Paid in capital in excess par P/S         12,500 Sales Revenue       102,915 Service Revenue         34,100 Unrealized Holding G/L          1,500 Interest Revenue             275 COGS         56,610 Rent Expense         27,200 Utilities Expense          4,960 Supplies Expense             455 Salaries Expense         11,275 Interest Expense         19,121 Bad Debt Expense             488 Bank Expense             113 Depreciaiton Expense—Equipment             780 Depreciation Expense—Furniture             700 Total $1,152,056 $1,152,056

Explanation / Answer

DANIELS CONSULTING Balance Sheet As at December 31, 2017 $ $ Assets Current assets Cash 689323 Accounts receivable 1100 Less: Allowance for doubtful accounts -312 788 Merchandise inventory Software inventory 300 Office Supplies 15 Short Term Investment - Trading 4500 FV Adjustment - Trading -1500 3000 Total current assets 693426 Plant assets Land 271485 Equipment 7200 Accumulated depreciation - Equipment -840 6360 Furniture 6000 Accumulated depreciation - Furniture -750 5250 Total fixed assets 283095 Total assets 976521 Liabilities & stockholders' equity Liabilities Current Liabilities Accounts payable 1010 Unearned revenue 900 Interest payable 18532 Notes payable Total current liabilites 20442 Long-term liabilites Long-term note payable 303970 Bonds payable 500000 Discount on bonds payable -48930 451070 Total Long-term Liabilities 755040 Stockholders' equity Common stock 36000 Additional paid-in-capital-CS 13452 Preferred stock 125000 Additional paid-in-capital-PS 12500 Retained earnings 14087 Total stockholders' equity 201039 Total Liabilities & stockholders' equity 976521

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