Instructions For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why. E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2017. Cash Supplies Prepaid Insurance Equipment. Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2017. Debit $ ? 1,200 1,000 48,000 $ 950 9,000 1,400 1,200 900 ? Credit $4,000 10,000 500 2,000 9,000 10,000 25,000 10,000 $ ? Instructions Prepare a classified balance sheet as of December 31, 2017.
Instructions For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why. E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2017. Cash Supplies Prepaid Insurance Equipment. Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during 2017. Debit $ ? 1,200 1,000 48,000 $ 950 9,000 1,400 1,200 900 ? Credit $4,000 10,000 500 2,000 9,000 10,000 25,000 10,000 $ ? Instructions Prepare a classified balance sheet as of December 31, 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Instructions
For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why.
E5-11 (L03) EXCEL (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at
December 31, 2017.
Cash
Supplies
Prepaid Insurance
Equipment.
Accumulated Depreciation-Equipment
Trademarks
Accounts Payable
Salaries and Wages Payable
Unearned Service Revenue
Bonds Payable (due 2024)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Rent Expense
Interest Expense
Total
Additional information:
1. Net loss for the year was $2,500.
2. No dividends were declared during 2017.
Debit
$
?
1,200
1,000
48,000
$
950
9,000
1,400
1,200
900
?
Credit
$4,000
10,000
500
2,000
9,000
10,000
25,000
10,000
$
?
Transcribed Image Text:Instructions
Prepare a classified balance sheet as of December 31, 2017.
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