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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35b8eaa4-851c-4a78-8b8b-c59cd6b8a072%2F468dc6d1-1ca0-4c55-bce1-6deae8bad29b%2Fin22iu_processed.jpeg&w=3840&q=75)
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

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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