Question

The adjusted trial balance of Bramble Cooper Co. as of December 31, 2017, contains the following.

BRAMBLE COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2017
		Debit			Credit
Cash		$20,067
Accounts Receivable		7,515
Prepaid Rent		2,875
Equipment		18,645
Accumulated Depreciation-Equipment					$5,490
Notes Payable					6,295
Accounts Payable					6,067
Common Stock					20,595
Retained Earnings					11,905
Dividends		3,595
Service Revenue					12,185
Salaries and Wages Expense		7,435
Rent Expense		2,214
Depreciation Expense		191
Interest Expense		129
Interest Payable					129
		$62,666			$62,666

Prepare a classified balance sheet. (List current assets in order of liquidity.)?

Answer 1

Answer:

BRAMBLE COOPER CO.                     Income Statement For the year eneded 31, Dec 2017
INCOME				$ 12,185.00
Service Revenue			$ 12,185.00
EXPENSE				$ (9,969.00)
Salaries and Wages Expense			$    7,435.00
Rent Expense			$    2,214.00
Depreciation Expense			$        191.00
Interest Expense			$        129.00
NET PROFIT				$    2,216.00
Statement of Retained Earning
Opening Balance			11,905
Add: Net Profit transferred from Income Statement			$    2,216.00
Less: Dividends			3,595
Closing Balance				$ 10,526.00
BALANCE SHEET OF BRAMBLE COOPER CO. For THE YEAR ENDED 31, Dec2017
ASSETS
Current Assets
Cash		$20,067
Accounts Receivable		7,515
Prepaid Rent		2,875
Total current assets			$30,457
FIXED ASSETS
Equipment		18,645
Less: Accumulated Depreciation		$5,490
Total non current assets			13,155
Total Assets			$43,612
LIABILITIES AND EQUITY
Current Liabilities
Notes Payable		6,295
Accounts Payable		6,067
Interest Payable		129
Total Current Liabilities			12,491
Total Liabilities			12,491
SHAREHOLDER'S EQUITY
Common Stock		20,595
Retained Earning		$ 10,526.00
Total Equity			$ 31,121.00
Total liability and equity			$ 43,612.00