Question 1
REQUIRED: Given the following Adjusted Trial Balance, prepare areport form Classified Balance Sheet.
Hint: Prior to creating the Balance Sheet, calculate theprofit/loss and the owner’s (revised) capital balance as of the endof the year. You may assume there were no investments.
Erickson Rentals Adjusted Trial Balance March 31, 2010
Debit Credit
Cash | 4,000 | |
Accounts Receivable | 14,100 | |
Trucks | 41,000 | |
Accumulated Depreciation, Trucks | | 16,500 |
Equipment | 24,000 | |
Accumulated Depreciation, Equipment | | 11,000 |
Trademark | 10,000 | |
Accounts Payable | | 3,000 |
Salaries Payable | | 1,600 |
Unearned Fees | | 1,300 |
Note Payable** | | 5,000 |
T. Webber, Capital | | 36,750 |
T. Webber, Withdrawals | 7,200 | |
Rental Fees Earned | | 49,000 |
Depreciation Expense, Trucks | 3,500 | |
Depreciation Expense, Equipment | 2,100 | |
Salaries Expense | 8,500 | |
Rent Expense | 6,000 | |
Miscellaneous Expenses | 3,750 | |
Totals | $124,150 | $124,150 |
**note: the current portion of the long term note payable is$1,900.
Profit/Loss Calculation – Circle your final answer._____________________________________________________________________________
Assignment 1 – Winter 2019 FA1
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Capital/Equity Calculation : – Circle your finalanswer._________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Report form Classified Balance Sheet :
Erickson Rentals Balance Sheet March 31, 2010
ASSETS | | | |
Current assets: | | | |
| | | |
| | | |
| | | |
Total current assets | | | |
Property plant and equipment: | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Assignment 1 – Winter 2019 FA1
Total property plant and equipment | | | |
Intangible assets: | | | |
| | | |
Total assets | | | |
| | | |
LIABILITIES | | | |
Current liabilities: | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Total current liabilities | | | |
Non-current liabilities: | | | |
| | | |
| | | |
Total liabilities | | | |
EQUITY | | | |
| | | |
Total Liabilities and Equity | | | |
