complete the classified balance sheet based on the adjusted trial balance COMPANY JKCLASSIFIED BALANCE SHEETAS OF DECEMBER 31, 2020AssetsLiabilities & EquityCurrent assets:Current liabilities:Total current assetsTotal current liabilitiesProperty, plant and equipment:Long-term liabilities:Total property, plant andequipmentTotal long-term liabilitiesTotal of all liabilitliesEquity:Total equityTotal of all assetsTotal of all liabilities & equity PART 4 - Use the following adjusted trial balance to complete section A and B below.COMPANY JKADJUSTED TRIAL BALANCE12/31/2020Account title:DebitCreditCash| 30,000Accounts receivable| 20,000Office supplies9,000BuildingsAccumulated depreciation -Buildings85,00020,000Accounts payable10,000Deferred revenue5,500Interest payable (due in 1 month)100Notes payable (due in 2 years)10,000Common stock15,000Retained earnings40,000Dividends2,000Service revenue83,600Wages expense27,000Interest expense1,200Depreciation expense - Buildings10,000ΤΟΤAL184,200 184,200

Financial statement is prepared from the trial balance which include :- Profit and loss and other…

Answered: COMPANY JK CLASSIFIED BALANCE SHEET AS…

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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Question

complete the classified balance sheet based on the adjusted trial balance

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

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

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.