Question

These items are taken from the financial statements of Swifty Corporation for 2017.

Retained earnings (beginning of year)		$32,740
Utilities expense		2,180
Equipment		67,740
Accounts payable		21,440
Cash		15,020
Salaries and wages payable		6,730
Common stock		12,000
Dividends		12,000
Service revenue		72,240
Prepaid insurance		7,230
Maintenance and repairs expense		1,620
Depreciation expense		3,370
Accounts receivable		14,840
Insurance expense		2,430
Salaries and wages expense		41,240
Accumulated depreciation—equipment		22,520

Prepare a classified balance sheet as of December 31, 2017. (List current assets in order of liquidity.)

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Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer the supporting sheet.

Answer 2 In the given question we have to prepare the balance sheet for the year ended december 31, 2017 Swifty Cornoration 5 Balance Sheet As on December 31,2017 15,020 14,840 7,230 $ 37,090 67,740 22,520 $ $ 45,220 82,310 8 Current Assets 9 Cash $ 10 Account Receivable $ 11 Prepaid Insurance $ 12 Total Current Assets 13 Non Current Assets 14 Equipment $ 15 Less 16 Accumulated depreciation equipment $ 17 Total Assets 18 Liabilities and Stockholders Equity 19 Liabilities 20 Account Payable $ 21 Salaries and wages payable 22 Total Liabilities 23 Stockholders Equity 24 Common Stock $ 25 Retained earnings $ 26 Total Stockholders Equity 27 Total Liabilities and stockholders Equity 21,440 $ 28,170 12,000 42,140 $ $ 54,140 82,310