Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. Debit Credit $38 9 6 80 10 26 0 $169 9 0 0 76 4 80 $169 Required: Using the above adjusted balances, prepare a classified balance sheet for the year ended December 31. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.)
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. Debit Credit $38 9 6 80 10 26 0 $169 9 0 0 76 4 80 $169 Required: Using the above adjusted balances, prepare a classified balance sheet for the year ended December 31. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[The following information applies to the questions displayed below.]
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations
ending December 31. (Assume amounts are reported in thousands of dollars.)
Account Titles
Cash
Accounts Receivable
Prepaid Insurance
Equipment
Accumulated Depreciation.
Accounts Payable
Salaries and Wages Payable
Income Tax Payable
Common Stock
Retained Earnings.
Sales Revenue
Insurance Expense
Salaries and Wages Expense
Supplies Expense
Income Tax Expense
Totals
Other data not yet recorded at December 31:
a. Insurance expired during the year, $5.
b. Depreciation expense for the year, $4.
c. Salaries and wages payable, $7.
d. Income tax expense, $9.
Debit Credit
$38
9
6
Sau
80
288
10
26
0
$169
$0
0
76
4
80
$169
Required:
Using the above adjusted balances, prepare a classified balance sheet for the year ended December 31. (Enter your answers in
thousands of dollars. Amounts to be deducted should be indicated by a minus sign.)
MINT CLEANING INCORPORATED](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ce123d7-ec28-4713-8995-d1c19687ec94%2Fbbec1ae2-a7cb-44f6-831b-8309e7fd8258%2Fs2qgxcfv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations
ending December 31. (Assume amounts are reported in thousands of dollars.)
Account Titles
Cash
Accounts Receivable
Prepaid Insurance
Equipment
Accumulated Depreciation.
Accounts Payable
Salaries and Wages Payable
Income Tax Payable
Common Stock
Retained Earnings.
Sales Revenue
Insurance Expense
Salaries and Wages Expense
Supplies Expense
Income Tax Expense
Totals
Other data not yet recorded at December 31:
a. Insurance expired during the year, $5.
b. Depreciation expense for the year, $4.
c. Salaries and wages payable, $7.
d. Income tax expense, $9.
Debit Credit
$38
9
6
Sau
80
288
10
26
0
$169
$0
0
76
4
80
$169
Required:
Using the above adjusted balances, prepare a classified balance sheet for the year ended December 31. (Enter your answers in
thousands of dollars. Amounts to be deducted should be indicated by a minus sign.)
MINT CLEANING INCORPORATED
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