The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented belov Accounts Debit Credit 12,000 150,000 6,000 30,000 400,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings 135,000 $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented belov Accounts Debit Credit 12,000 150,000 6,000 30,000 400,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings 135,000 $ 12,000 11,000 5,000 40,000 300,000 60,000 500,000 Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 400,000 20,000 40,000 5,000 Totals $1,063,000 $1,063,000 3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you tell me how to prepare this balance sheet ?
![Required information
[The following information applies to the questions displayed below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below
Accounts
Debit
Credit
12,000
$
150,000
6,000
30,000
400,000
Cash
Accounts Receivable
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable (due in two years)
Common Stock
$
135,000
12,000
11,000
5,000
40,000
300,000
60,000
Retained Earnings
Service Revenue
Salaries Expense
Rent Expense
Depreciation Expense
Interest Expense
500,000
400,000
20,000
40,000
5,000
Totals
$1,063,000
$1,063,000
3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated b
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below
Accounts
Debit
Credit
12,000
$
150,000
6,000
30,000
400,000
Cash
Accounts Receivable
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable (due in two years)
Common Stock
$
135,000
12,000
11,000
5,000
40,000
300,000
60,000
Retained Earnings
Service Revenue
Salaries Expense
Rent Expense
Depreciation Expense
Interest Expense
500,000
400,000
20,000
40,000
5,000
Totals
$1,063,000
$1,063,000
3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated b
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of 4
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27
W
80
F3
LLL
000
F4
44
F7
F2
F5
Transcribed Image Text:Required information
December 31, 2021
Assets
Liabilities
Current assets:
Current liabilities:
Accounts Receivable
2$
150,000
Accounts Payable
2$
12,000
Cash
12,000
Salaries Payable
11,000
Prepaid Rent
6,000
Interest Payable
5,000
Supplies
30,000
Accumulated Depreciation
135,000
Equipment
400,000
Total current assets
598,000
Total current liabilities
163,000
Total liabilities
163,000
Long-term assets:
Stockholders' Equity
Common Stock
300,000
Retained Earnings
65,000
Total long-term assets
Total stockholders' equity
365,000
Total assets
2$
598,000
Total liabilities and stockholders' equity
2$
528,000
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