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1. 2. 3. 4. 5. 6. 7. 8. Fees received in advance from clients $5,000. Services performed for clients that were not recorded by December 31, $4,900. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1,430. Insurance expired during the year $480. Harms gave the bank a 90-day, 5% note for $7,200 on December 1, 2022. Rent of the building is $750 per month. The rent for all of 2022, and for January of 2023 has been paid. Office salaries and wages earned but unpaid December 31, 2022, $1,510. Harms withdrew $12,000 cash for personal use during the year. Show Transcribed Text c Prepare a classified statement of financial position. (List current assets in reverse order of liquidity.)

1. 2. 3. 4. 5. 6. 7. 8. Fees received in advance from clients $5,000. Services performed for clients that were not recorded by December 31, $4,900. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1,430. Insurance expired during the year $480. Harms gave the bank a 90-day, 5% note for $7,200 on December 1, 2022. Rent of the building is $750 per month. The rent for all of 2022, and for January of 2023 has been paid. Office salaries and wages earned but unpaid December 31, 2022, $1,510. Harms withdrew $12,000 cash for personal use during the year. Show Transcribed Text c Prepare a classified statement of financial position. (List current assets in reverse order of liquidity.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following are the trial balance and the other information related to Bruce Harms, who operates a construction hauling business. Cash HARMS HAULERS TRIAL BALANCE DECEMBER 31, 2022 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense Debit $ 39,500 50,600 2,960 1,100 27,000 9,750 30,500 1,080 720 $163,210 Credit $2,750 6,250 7,200 45,010 102,000 $163,210
Transcribed Image Text:The following are the trial balance and the other information related to Bruce Harms, who operates a construction hauling business. Cash HARMS HAULERS TRIAL BALANCE DECEMBER 31, 2022 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense Debit $ 39,500 50,600 2,960 1,100 27,000 9,750 30,500 1,080 720 $163,210 Credit $2,750 6,250 7,200 45,010 102,000 $163,210
1. 2. 3. 4. 5. 6. 7. 8. Fees received in advance from clients $5,000. Services performed for clients that were not recorded by December 31, $4,900. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1,430. Insurance expired during the year $480. Harms gave the bank a 90-day, 5% note for $7,200 on December 1, 2022. Rent of the building is $750 per month. The rent for all of 2022, and for January of 2023 has been paid. Office salaries and wages earned but unpaid December 31, 2022, $1,510. Harms withdrew $12,000 cash for personal use during the year. Show Transcribed Text Prepare a classified statement of financial position. (List current assets in reverse order of liquidity.) HARMS HAULERS
Transcribed Image Text:1. 2. 3. 4. 5. 6. 7. 8. Fees received in advance from clients $5,000. Services performed for clients that were not recorded by December 31, $4,900. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1,430. Insurance expired during the year $480. Harms gave the bank a 90-day, 5% note for $7,200 on December 1, 2022. Rent of the building is $750 per month. The rent for all of 2022, and for January of 2023 has been paid. Office salaries and wages earned but unpaid December 31, 2022, $1,510. Harms withdrew $12,000 cash for personal use during the year. Show Transcribed Text Prepare a classified statement of financial position. (List current assets in reverse order of liquidity.) HARMS HAULERS
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