23) a) Prepare a classified balance sheet for Martin Air Freight based on the year-end adjusted trial balance shown below. Cash Accounts receivable Supplies Long-term investments Shipping equipment Accumulated depreciation-Shipping equipment Patent Accounts payable Wages payable Long-term notes payable" Common stock Retained earnings. Dividends Services revenue Rent expense Wages expense Supplies expense Martin Air Freight Adjusted Trial Balance December 31 Depreciation expense-Shipping equipment Interest expense Utilities expense Totals Debit $ 18, 200 34,200 2,100 25,000 45,000 16,000 15,000 8,000 62,000 2,500 4,050 1,000 3,750 $ 236,800 Credit $ 11,080 16, 200 4,120 20,000 10,000 30, 400 145,000 $ 236,800
23) a) Prepare a classified balance sheet for Martin Air Freight based on the year-end adjusted trial balance shown below. Cash Accounts receivable Supplies Long-term investments Shipping equipment Accumulated depreciation-Shipping equipment Patent Accounts payable Wages payable Long-term notes payable" Common stock Retained earnings. Dividends Services revenue Rent expense Wages expense Supplies expense Martin Air Freight Adjusted Trial Balance December 31 Depreciation expense-Shipping equipment Interest expense Utilities expense Totals Debit $ 18, 200 34,200 2,100 25,000 45,000 16,000 15,000 8,000 62,000 2,500 4,050 1,000 3,750 $ 236,800 Credit $ 11,080 16, 200 4,120 20,000 10,000 30, 400 145,000 $ 236,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject : Accounting
Transcribed Image Text:23) a) Prepare a classified balance sheet for Martin Air Freight based on the year-end
adjusted trial balance shown below.
Cash
Accounts receivable
Supplies
Long-term investments
Shipping equipment
Accumulated depreciation-Shipping equipment
Patent
Accounts payable
Wages payable
Long-term notes payable*
Common stock
Retained earnings
Dividends
Services revenue
Rent expense
Wages expense
Supplies expense
Martin Air Freight.
Adjusted Trial Balance
December 31
Depreciation expense Shipping equipment
Interest expense
Utilities expense
Totals
Debit
$ 18,200
34, 200
2,100
25,000
45,000
16,000
15,000
8,000
62,000
2,500
4,050
1,000
3,750
$ 236,800
Credit
$ 11,080
16, 200
4,120
20,000
10,000
30, 400
145,000
$ 236,800
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