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 Required: Debit $ 1,420 3,900 4,200 4,900 21,500 490 25,400 3,200 6,120 3,300 7,900 4,800 $ 87,130 Credit $ 6,400 7,320 1,950 4,800 980 4,300 1,760 59,130 490 $ 87,130 1. Prepare a classified balance sheet at December 31. 2. Are the Sky Blue Corporation's assets financed primarily by debt or equity?

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 Required: Debit $ 1,420 3,900 4,200 4,900 21,500 490 25,400 3,200 6,120 3,300 7,900 4,800 $ 87,130 Credit $ 6,400 7,320 1,950 4,800 980 4,300 1,760 59,130 490 $ 87,130 1. Prepare a classified balance sheet at December 31. 2. Are the Sky Blue Corporation's assets financed primarily by debt or equity?

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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