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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
complete the classified balance sheet based on the adjusted trial balance

Transcribed Image Text:COMPANY JK
CLASSIFIED BALANCE SHEET
AS OF DECEMBER 31, 2020
Assets
Liabilities & Equity
Current assets:
Current liabilities:
Total current assets
Total current liabilities
Property, plant and equipment:
Long-term liabilities:
Total property, plant and
equipment
Total long-term liabilities
Total of all liabilitlies
Equity:
Total equity
Total of all assets
Total of all liabilities & equity

Transcribed Image Text:PART 4 - Use the following adjusted trial balance to complete section A and B below.
COMPANY JK
ADJUSTED TRIAL BALANCE
12/31/2020
Account title:
Debit
Credit
Cash
| 30,000
Accounts receivable
| 20,000
Office supplies
9,000
Buildings
Accumulated depreciation -
Buildings
85,000
20,000
Accounts payable
10,000
Deferred revenue
5,500
Interest payable (due in 1 month)
100
Notes payable (due in 2 years)
10,000
Common stock
15,000
Retained earnings
40,000
Dividends
2,000
Service revenue
83,600
Wages expense
27,000
Interest expense
1,200
Depreciation expense - Buildings
10,000
ΤΟΤAL
184,200 184,200
Expert Solution
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Step 1
Financial statement is prepared from the trial balance which include :-
- Profit and loss and other comprehensive income statement where all revenue and expenses will be shown and net profit or loss is calculated.
- Statement of financial position where all the assets , liabilities and equities has been shown.
Trial balance means a statement which include all the debit or credit balances of accounts from ledgers and should match as so to pass the test of equality of debit and credit.
Step by stepSolved in 2 steps with 1 images
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Similar questions
- adjusted trial balance of the above solution pleasearrow_forwardWhich accounts appear in a company’s after-closing trialbalance? How do these accounts differ from those reportedin an adjusted trial balance?arrow_forwardDescribe when an adjusting entry to accrue an expense is needed and what the journal entry will include.arrow_forward
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