Solution-Prepare a classified balance sheet as of december

Prepare a classified balance sheet as of december

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Reference no: EM131797585

Exercise

Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2017.

Debit	Credit
Cash	$ ?
Supplies	1,470
Prepaid Insurance	1,270
Equipment	48,270
Accumulated Depreciation-Equipment	$ 4,270
Trademarks	1,220
Accounts Payable	10,270
Salaries and Wages Payable	770
Unearned Service Revenue	2,270
Bonds Payable (due 2024)	9,270
Common Stock	10,270
Retained Earnings	25,270
Service Revenue	10,270
Salaries and Wages Expense	9,270
Insurance Expense	1,670
Rent Expense	1,470
Interest Expense	1,170
Total	$ ?

Additional information:

1. Net loss for the year was $3,310.
2. No dividends were declared during 2017.

Prepare a classified balance sheet as of December 31, 2017.(List Current Assets in order of liquidity.)

Reference no: EM131797585

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Prepare a classified balance sheet as of december

Reference no: EM131797585

Reference no: EM131797585

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