2. The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet...

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2. The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Ab

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Answer 1

Answer #1

Abigail Trucking
Balance Sheet
April 30
Assets
Current Assets
Cash	90,500
Accounts receivable	83,400
Prepaid insurance	6,500
Prepaid rent	12,000
Supplies	4,700
Total Current Assets		197,100
Property, Plant and Equipment
Trucks	206,000
Less: Accumulated depreciation- Trucks	(28,000)
Total property, plant and equipment		178,000
Total Assets		375,100
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	42,600
Salaries payable	12,500
Unearned fees	5,000
Total Liabilities		60,100
Stockholders' Equity
Common stock	100,000
Retained earnings	215,000
Total stockholders' equity		315,000
Total Liabilities and stockholders' Equity		375,100

Working Notes:
Total Assets should be equal to total liabilities and stockholders' equity. Hence the difference between should be cash as the cash figure was missing from the adjusted trial balance.
			Total Liabilities and Stockholders' Equity	375,100
			Less: Total Property, plant and equipment	(178,000)
Less: Accounts receivable	(83,400)
Less: Prepaid insurance	(6,500)
Less: Prepaid rent	(12,000)
Less: Supplies	(4,700)
Cash (Balance)	90,500

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Answer 2

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