Project - Balance Sheet
|
|
Debits
|
Credits
|
|
Cash
|
?
|
|
|
Office Supplies
|
2640
|
|
|
Prepaid Insurance
|
2,200
|
|
|
Equipment
|
105,600
|
|
|
Accumulated Depreciation-Equipment
|
|
8,800
|
|
Trademarks
|
2,090
|
|
|
Accounts Payable
|
|
22,000
|
|
Wages Payable
|
|
1,100
|
|
Unearned Service Revenue
|
|
4,400
|
|
Bonds Payable due 2017
|
|
19,800
|
|
Common Stock
|
|
22,000
|
|
Retained Earnings
|
|
55,000
|
|
Service Revenue
|
|
22,000
|
|
Wages Expense
|
19,800
|
|
|
Insurance Expense
|
3,080
|
|
|
Rent Expense
|
2,640
|
|
|
Interest Expense
|
1,980
|
_______
|
|
Totals
|
?
|
?
|
Additional information:
1. Net loss for the year was $5,500.
2. No dividends were declared during 2010.
Instructions - Prepare a classified balance sheet for Smith Company as of December 31, 2010.