Exercise
Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to the questions displayed below.]
The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
Accounts Debit Credit Cash $ 12,000
Accounts Receivable 150,000
Prepaid Rent 6,000
Supplies 30,000
Equipment 400,000
Accumulated Depreciation $ 135,000
Accounts Payable 12,000
Salaries Payable 11,000
Interest Payable 5,000
Notes Payable (due in two years) 40,000
Common Stock 300,000
Retained Earnings 60,000
Service Revenue 500,000
Salaries Expense 400,000
Rent Expense 20,000
Depreciation Expense 40,000 Interest Expense 5,000 Totals $ 1,063,000 $ 1,063,000 17.
Required information
Exercise : Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)