Question in picture... it's asking to prepare a classsified balance sheet Presented below is the adjusted trial balance of Teal Mountain, Inc. at December 31, 2017.DebitCreditCash$?Supplies1,430Accounts Receivable3,580Prepaid Insurance2,900Equipment79,920Accumulated Depreciation-Equipment$20,200Trademarks3,440Accounts Payable3,340Salaries and Wages Payable800Unearned Service Revenue1,740Bonds Payable (due 2024)32,520Common Stock2,620Additional paid-in capital14,800Retained Earnings14,780Service Revenue30,340Salaries and Wages Expense14,060Insurance Expense2,900Rent Expense3,280Interest Expense2,920Total$?$Additional information:1.Net income for the year was $7,180.2.No dividends were declared during 2017.Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order ofliquidity.)

Profit and loss account and other comprehensive income show the gross profit and net profit earned . Statemenet of financial position shows the various assets , liabilities and capital of the business. Profit and loss and statement and financial position can be called as financial statements. We are preparing the profit and loss account also because we need to calculate net profit to prepare balance sheet.

Answered: Presented below is the adjusted trial…

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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Question in picture... it's asking to prepare a classsified balance sheet

Presented below is the adjusted trial balance of Teal Mountain, Inc. at December 31, 2017.
Debit
Credit
Cash
$
?
Supplies
1,430
Accounts Receivable
3,580
Prepaid Insurance
2,900
Equipment
79,920
Accumulated Depreciation-Equipment
$20,200
Trademarks
3,440
Accounts Payable
3,340
Salaries and Wages Payable
800
Unearned Service Revenue
1,740
Bonds Payable (due 2024)
32,520
Common Stock
2,620
Additional paid-in capital
14,800
Retained Earnings
14,780
Service Revenue
30,340
Salaries and Wages Expense
14,060
Insurance Expense
2,900
Rent Expense
3,280
Interest Expense
2,920
Total
$
?
$
Additional information:
1.
Net income for the year was $7,180.
2.
No dividends were declared during 2017.
Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of
liquidity.)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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