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Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation. Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 Credit $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370

Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation. Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 Credit $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370

FINANCIAL ACCOUNTING
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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Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Cash Accounts Receivable. Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings. Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expensel Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Required: Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Cash Accounts Receivable. Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings. Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expensel Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Required: Debit $ 1,290 2,600 2,900 3,600 15,000 360 22,800 1,900 4,820 2,000 6,600 3,500 $ 67,370 $ 3,800 6,020 1,300 3,500 720 3,000 1,240 47,430 360 $ 67,370
Required 1 Required 2 Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATION Balance Sheet Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Notes Receivable (long-term) Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Salaries and Wages Payable Income Tax Payable Deferred Revenue Total Current Liabilities Common Stock Retained Earnings Dividends Answer is complete but not entirely correct. At December 31 Assets Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity 30333 S $ 15,000 (3,800) $ 1,290 2,600 2,900 6,790 3,600 11,200 $ 21,590 $ 6,0204 1,300 " 3,500 720 11,540 >> 3,000 1,240 X (360) 3,880 $ 15,420
Transcribed Image Text:Required 1 Required 2 Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATION Balance Sheet Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Notes Receivable (long-term) Equipment Accumulated Depreciation Total Assets Current Liabilities Accounts Payable Salaries and Wages Payable Income Tax Payable Deferred Revenue Total Current Liabilities Common Stock Retained Earnings Dividends Answer is complete but not entirely correct. At December 31 Assets Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity 30333 S $ 15,000 (3,800) $ 1,290 2,600 2,900 6,790 3,600 11,200 $ 21,590 $ 6,0204 1,300 " 3,500 720 11,540 >> 3,000 1,240 X (360) 3,880 $ 15,420
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