resented below is the adjusted trial balance of Metlock Corporation at December 31, 2020.   Debit   Credit Cash $          ?     Supplies 1,560     Prepaid Insurance 1,360     Equipment 48,360     Accumulated Depreciation-Equipment     $  4,360 Trademarks 1,310     Accounts Payable     10,360 Salaries and Wages Payable     860 Unearned Service Revenue     2,360 Bonds Payable (due 2027)     9,360 Common Stock     10,360 Retained Earnings     25,360 Service Revenue     10,360 Salaries and Wages Expense 9,360     Insurance Expense 1,760     Rent Expense 1,560     Interest Expense 1,260         Total $          ?   $          ? Additional information: 1.   Net loss for the year was $3,580. 2.   No dividends were declared during 2020. Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.) METLOCK CORPORATION Balance Sheet choose the accounting period                                                            Assets select an opening name for subsection one                                                                        enter a balance sheet item     $enter a dollar amount       enter a balance sheet item     enter a dollar amount       enter a balance sheet item     enter a dollar amount       select a closing name for subsection one                                                                     $enter a total amount for subsection one   select an opening name for subsection one                                                                        enter a balance sheet item     enter a dollar amount       select between addition and deduction                                                           : enter a balance sheet item     enter a dollar amount   enter a subtotal of the two previous amounts   select an opening name for subsection two                                                                        enter a balance sheet item         enter a dollar amount   select a closing section name for this part of the balance sheet                                                                    $enter a total amount for this part of the balance sheet   Liabilities and Stockholders' Equity select an opening name for subsection one                                                                        enter a balance sheet item     $enter a dollar amount       enter a balance sheet item     enter a dollar amount       enter a balance sheet item     enter a dollar amount       select a closing name for subsection one                                                                     $enter a total amount for subsection one of the second part of the balance sheet   select an opening name for subsection two                                                                        enter a balance sheet item         enter a dollar amount   select a closing name for section one                                                                    enter a total amount for this section of the balance sheet item   select an opening name for section two                                                                        enter a balance sheet item     enter a dollar amount       enter a balance sheet item     enter a dollar amount       select a closing name for section two                                                                    enter a total of the two previous amounts   select a closing name for this part of the balance sheet                                                                     $enter a total amount for this part of the balance sheet

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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Presented below is the adjusted trial balance of Metlock Corporation at December 31, 2020.

 
Debit
 
Credit
Cash
$          ?
   
Supplies
1,560
   
Prepaid Insurance
1,360
   
Equipment
48,360
   
Accumulated Depreciation-Equipment
   
$  4,360
Trademarks
1,310
   
Accounts Payable
   
10,360
Salaries and Wages Payable
   
860
Unearned Service Revenue
   
2,360
Bonds Payable (due 2027)
   
9,360
Common Stock
   
10,360
Retained Earnings
   
25,360
Service Revenue
   
10,360
Salaries and Wages Expense
9,360
   
Insurance Expense
1,760
   
Rent Expense
1,560
   
Interest Expense
1,260    
    Total
$          ?  

$          ?

Additional information:

1.   Net loss for the year was $3,580.
2.   No dividends were declared during 2020.

Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.)

METLOCK CORPORATION
Balance Sheet
choose the accounting period                                                           
Assets
select an opening name for subsection one                                                           
           
enter a balance sheet item
   
$enter a dollar amount
     
enter a balance sheet item
   
enter a dollar amount
     
enter a balance sheet item
   
enter a dollar amount
     
select a closing name for subsection one                                                            
   
 
 
$enter a total amount for subsection one
 
select an opening name for subsection one                                                           
           
enter a balance sheet item
   
enter a dollar amount
     
select between addition and deduction                                                           : enter a balance sheet item
   
enter a dollar amount
 
enter a subtotal of the two previous amounts
 
select an opening name for subsection two                                                           
           
enter a balance sheet item
        enter a dollar amount  
select a closing section name for this part of the balance sheet                                                           
 
     
$enter a total amount for this part of the balance sheet
 
Liabilities and Stockholders' Equity
select an opening name for subsection one                                                           
           
enter a balance sheet item
   
$enter a dollar amount
     
enter a balance sheet item
   
enter a dollar amount
     
enter a balance sheet item
   
enter a dollar amount
     
select a closing name for subsection one                                                            
   
 
 
$enter a total amount for subsection one of the second part of the balance sheet
 
select an opening name for subsection two                                                           
           
enter a balance sheet item
       
enter a dollar amount
 
select a closing name for section one                                                           
   
 
 
enter a total amount for this section of the balance sheet item
 
select an opening name for section two                                                           
           
enter a balance sheet item
   
enter a dollar amount
     
enter a balance sheet item
   
enter a dollar amount
     
select a closing name for section two                                                           
   
 
 
enter a total of the two previous amounts
 
select a closing name for this part of the balance sheet                                                            
 
 
 
 
$enter a total amount for this part of the balance sheet
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