Do not give answer in image Required information[The following information applies to the questions displayed below.]The Sky Blue Corporation has the following adjusted trial balance at December 31.CreditCashAccounts Receivable.Prepaid InsuranceNotes Receivable (long-term)EquipmentAccumulated DepreciationAccounts PayableSalaries and Wages PayableIncome Taxes PayableDeferred RevenueCommon StockRetained Earnings.DividendsSales RevenueRent RevenueSalaries and Wages ExpenseDepreciation ExpenselUtilities ExpenseInsurance ExpenseRent ExpenseIncome Tax ExpenseTotalRequired:Debit$ 1,2902,6002,9003,60015,00036022,8001,9004,8202,0006,6003,500$ 67,370$ 3,8006,0201,3003,5007203,0001,24047,430360$ 67,370 Required 1 Required 2Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.)SKY BLUE CORPORATIONBalance SheetCurrent AssetsCashAccounts ReceivablePrepaid InsuranceTotal Current AssetsNotes Receivable (long-term)EquipmentAccumulated DepreciationTotal AssetsCurrent LiabilitiesAccounts PayableSalaries and Wages PayableIncome Tax PayableDeferred RevenueTotal Current LiabilitiesCommon StockRetained EarningsDividendsAnswer is complete but not entirely correct.At December 31AssetsLiabilitiesStockholders' EquityTotal Stockholders' EquityTotal Liabilities and Stockholders' Equity30333S$ 15,000(3,800)$ 1,2902,6002,9006,7903,60011,200$ 21,590$ 6,02041,300"3,50072011,540>>3,0001,240 X(360)3,880$ 15,420

The retained earnings are adjusted for net income and dividend before posting the balance to balance…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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