AC 302 CHAPTER 5 QUESTION 11

AC 302 CHAPTER 5 QUESTION 11
Name				Date		
Instructor				Course		
Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield						
Primer on Using Excel in Accounting by Rex A Schildhouse						
						
E5-11 (Balance Sheet Presentation) Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2012.						
						
			Debits	Credits		
Cash			??			
Supplies			$1,200 			
Prepaid Insurance			1,000 			
Equipment			48,000 			
Accumulated Depreciation - Equipment				$9,000 		
Trademarks			950 			
Accounts Payable				10,000 		
Salaries and Wages Payable				500 		
Unearned Service Revenue				2,000 		
Bonds Payable, due 2017				9,000 		
Common Stock				10,000 		
Retained Earnings				20,000 		
Service Revenue				10,000 		
Salaries and Wages Expense			9,000 			
Insurance Expense			1,400 			
Rent Expense			1,200 			
Interest Expense			900 			
Total			??	??		
						
Additional information:						
1. Net loss for the year was		$2,500 				
2. No dividends were declared during 2012.						
						
Instructions:						
Prepare a classified balance sheet as of December 31, 2012.						
Solution to cash as desired.						
						
						
						
ABBEY CORPORATION						
Balance Sheet						
December 31, 2012						
Assets						
Current assets						
Account Title				Amount		
Account Title				Amount		
Account Title				Amount		
Total current assets					Formula	
Account Title				Amount		
Account Title				Amount	Formula	
Account Title					Amount	
Total assets					Formula	
						
Liabilities and Shareholders’ Equity						
Current liabilities						
Account Title				Amount		
Account Title				Amount		
Account Title				Amount		
Total current liabilities					Formula	
Account Title					Amount	
Total liabilities					Formula	
						
Shareholders’ equity						
Account Title				Amount		
Account Title				Amount		
Total shareholders’ equity					Formula	
Total liabilities and shareholders’ equity					Formula	
						
	Computation of retained earnings:					
	Account Title				Amount	
	Title				Amount	
	Account Title				Formula	
						
	or:					
						
	Title				Formula	
	Less: Account Title			Amount		
	Less: Account Title			Amount		
	Less: Account Title			Amount		
	Less: Account Title			Amount	Formula	
	Period Net income / (Net loss)				Formula	
	Title				Amount	
	Title				Formula