E5-11 (Balance Sheet Presentation) Presented below is the adjusted trial balance of
Kelly Corporation at December 31, 2014.
|
Debits
|
Credits
|
|
|
Cash
|
??
|
|
|
Supplies
|
$1,200
|
|
|
Prepaid Insurance
|
1,000
|
|
|
Equipment
|
48,000
|
|
|
Accumulated Depreciation - Equipment
|
|
$4,000
|
|
Trademarks
|
950
|
|
|
Accounts Payable
|
|
10,000
|
|
Salaries and Wages Payable
|
|
500
|
|
Unearned Service Revenue
|
|
2,000
|
|
Bonds Payable, due 2021
|
|
9,000
|
|
Common Stock
|
|
10,000
|
|
Retained Earnings
|
|
25,000
|
|
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 2014.
Instructions
Prepare a classified balance sheet as of
December 31, 2014.
TUTORIAL PREVIEW
KELLY CORPORATION
Balance Sheet
December 31, 2014
|
Current assets
|
||||
|
Cash
|
$6,850
|
|||
|
Supplies
|
1,200
|
|||
|
Prepaid Insurance
|
1,000
|
|||
|
Total
current assets
|
$9,050
|
|||
File name: E5-11 Kelly Corp.xls File type: xls PRICE: $5
