FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
E6.3 Presented below is the adjusted trial balance of Gate City Corporation at December 31, 2023. Debit Credit $? Account Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable, Due in 2026 Common Stock Retained earnings, 1/1/2023 Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total 2,640 2,200 105,600 2,090 19,800 3,080 2,640 1,980 S? $8,800 22,000 1,100 4,400 19,800 22,00 55,000 22,000 $? Additional information: 1. Net loss for the year was $5,500. 2. No dividends were declared during 2023. Instructions Prepare a classified balance sheet as of December 31, 2023. Please use the report format. Hint: 1. Total debit must equal total credit in an adjusted trial balance. 2. Ending RE Beginning RE +Net income -Dividends
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Transcribed Image Text:E6.3 Presented below is the adjusted trial balance of Gate City Corporation at December 31, 2023. Debit Credit $? Account Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable, Due in 2026 Common Stock Retained earnings, 1/1/2023 Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total 2,640 2,200 105,600 2,090 19,800 3,080 2,640 1,980 S? $8,800 22,000 1,100 4,400 19,800 22,00 55,000 22,000 $? Additional information: 1. Net loss for the year was $5,500. 2. No dividends were declared during 2023. Instructions Prepare a classified balance sheet as of December 31, 2023. Please use the report format. Hint: 1. Total debit must equal total credit in an adjusted trial balance. 2. Ending RE Beginning RE +Net income -Dividends
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