Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Debit $ ? 1,390 1,190 48,190 1,140 9,190 1,590 1,390 1,090 ? Credit $ 4,190 10,190 690 2,190 9,190 10,190 25,190 10,190

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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Presented below is the adjusted trial balance of Headland Corporation at December 31,2020

Additional Information:

1. Net loss for the year was $3070

2. No Dividends were declared during 2020

Cash
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Trademarks
Accounts Payable
Salaries and Wages Payable
Unearned Service Revenue
Bonds Payable (due 2027)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Rent Expense
Interest Expense
Total
Debit
$
$
?
1,390
1,190
48,190
1,140
9,190
1,590
1,390
1,090
Credit
$ 4,190
10,190
? $
690
2,190
9,190
10,190
25,190
10,190
13
?
Transcribed Image Text:Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Debit $ $ ? 1,390 1,190 48,190 1,140 9,190 1,590 1,390 1,090 Credit $ 4,190 10,190 ? $ 690 2,190 9,190 10,190 25,190 10,190 13 ?
Prepare a classified balance sheet as of
December 31, 2020. (List Current Assets
in order of liquidity.)
Current Assets
Cash
Supplies
Prepaid Insurance
Total Current Assets
Property, Plant and Equipment
Equipment
Less
Accumulated Depreciation-Equipment
Intangible Assets
Trademarks
HEADLAND CORPORATION
Balance Sheet
December 31, 2020
Assets
$
Liabilities and Stockholders' Equity
$
$
$
$
$
Transcribed Image Text:Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.) Current Assets Cash Supplies Prepaid Insurance Total Current Assets Property, Plant and Equipment Equipment Less Accumulated Depreciation-Equipment Intangible Assets Trademarks HEADLAND CORPORATION Balance Sheet December 31, 2020 Assets $ Liabilities and Stockholders' Equity $ $ $ $ $
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