70.2K

Verified Solution

Link Copied!

The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,360 3,300 3,600 4,300 18,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 5,200 6,720 1,650 4,200 860 3,700 1,520 430 53,730 430 24,200 2,600 5,520 2,700 7,300 4,200 Total $78,010 $78,010 1. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATION Balance Sheet Assets Current Assets Cash Accounts Receivable Prepaid Insurance 1. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATION Balance Sheet Assets Current Assets Cash Accounts Receivable Prepaid Insurance Total Current Assets Total Assets Liabilities Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 0 2 Are the Sky Blue Cornoration's assets financed primarily by deht or equity

Answer & Explanation Solved by verified expert

See Answer