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.)