Problem - The Sky Blue Corporation has the following adjusted trial balance at December 31.
|
|
Debit
|
Credit
|
|
Cash
|
$1,300
|
|
|
Accounts Receivable
|
2,700
|
|
|
Prepaid Insurance
|
3,000
|
|
|
Notes Receivable (long-term)
|
3,700
|
|
|
Equipment
|
15,500
|
|
|
Accumulated Depreciation
|
|
$4,000
|
|
Accounts payable
|
|
6,120
|
|
Salaries and Wages Payable
|
|
1,350
|
|
Income Taxes Payable
|
|
3,600
|
|
Unearned Revenue
|
|
740
|
|
Common Stock
|
|
3,100
|
|
Retained Earnings
|
|
1,280
|
|
Dividends
|
370
|
|
|
Sales Revenue
|
|
48,330
|
|
Rent Revenue
|
|
370
|
|
Salaries and Wages Expense
|
23,000
|
|
|
Depreciation Expense
|
2,000
|
|
|
Utilities Expense
|
4,920
|
|
|
Insurance Expense
|
2,100
|
|
|
Rent Expense
|
6,700
|
|
|
Income Tax Expense
|
3,600
|
|
|
Total
|
$68,890
|
$68,890
|
Required - Prepare a classified balance sheet at December 31.