Question

Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1. Net loss for the year was $3,280. No dividends were declared during 2020. 2.

Answer 1

Solution:

Waterway corporation
Balancesheet
December 31,2020
Assets
Current assets
Cash	6,850
Supplies	1,460
Prepaid insurance	1,260
Total current assets		9570
Fixed assets
Equipment	48,260
Less: Accumulated depreciation - equipment	4,260	44,000
Intangible assets
Trade mark		1,210
Total assets		54,780
Liabilities and stockholders equity
Current liabilities
Accounts payable	10,260
Salaries and wages payable	760
Unearned service revenue	2,260
Total current liabilities		13,280
Long term liabilities
Bonds payable		9,260
Total liabilities		22,540
Stockhodlers equity
Common stock	10,260
Retained earnings	21,980
Total stockholders equity		32,240
Total liabilities and stockholders equity		54,780

Copy of HomeworkLib2 - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View X * Cut AutoSum Calibri 11 A A z Wrap Text General Normal Bad Good Fill- Paste La Copy Format Painter B 1 U- *Merge & Center GP, % Conditional Format as Neutral Formatting Table Calculation Check Cell Insert Delete Format 2 Clear Sort & Find & Filter - Select Editing Clipboard Font Alignment Number Styles Cells K14 fac A С D E F G H 1 J K L M N 0 P Q R B water way corporation 1 2 3 Debit Credit Waterway corporation Balancesheet December 31, 2020 Assets 4 Cash 5 6 1,460 1,260 48,260 Current assets Cash 7 8 4,260 6,850 1,460 1,260 9 1,210 9570 10,260 760 2,260 9,260 10,260 25,260 10,260 48,260 4,260 44,000 supplies prepaid insurance equipment accumulated depreciation trade marks accounts payable salaries and wages payable unearned service revenue bonds payable common stock retained earnings service revenue salaries and wages expense insurance expense rent expense interest expense Total Net loss No Dividends were declared O 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 1,210 54,780 9,260 1,660 1,460 1,160 Supplies Prepaid insurance Total current assets Fixed assets Equipment Less: Accumulated depreciation - equipment Intangible assets Trade mark Total assets Liabilities and stockholders equity Current liabilities Accounts payable Salaries and wages payable Unearned service revenue Total current liabilities Long term liabilities Bonds payable Total liabilities Stockhodlers equity Common stock Retained earnings Total stockholders equity Total liabilities and stockholders equity 10,260 760 2,260 3,280 13,280 9,260 22,540 10,260 21,980 29 32,240 54,780 30 31 32 Sheet164 Sheet165 Sheet166 Sheet167 Sheet168 Sheet169 Sheet170 Sheet171 Sheet172 Sheet173 Sheet174 IIII Ready 100% 1 Type here to search O חד 59% » ENG 00:35 22-09-2020

9 Copy of HomeworkLib2 - Microsoft Excel (Product Activation Failed) X File Home Insert Page Layout Formulas Data Review View X * Cut AutoSum Calibri 11 A A z Wrap Text General Normal Bad Good Ea Copy Fill- Paste B 1 U- T, - Merge & Center GP, % Calculation Conditional Format as Neutral Formatting Table Check Cell Insert Delete Format Format Painter Clear Sort & Find & Filter - Select Editing Font Alignment Number Styles Cells Clipboard J10 fx A B C D E F G H 1 J K 1 water way corporation 2 3 Debit Credit 4 Cash 5 6 7 8 9 10 =SUM(H7:19) 9260 =H12-H13 supplies 1460 prepaid insurance 1260 equipment 48260 accumulated depreciation 4260 trade marks 1210 accounts payable 10260 salaries and wages payable 760 unearned service revenue 2260 bonds payable common stock 10260 retained earnings 25260 service revenue 10260 salaries and wages expense 9260 insurance expense 1660 rent expense 1460 interest expense 1160 Total Net loss 3280 No Dividends were declared =C9 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Waterway corporation Balancesheet December 31,2020 Assets Current assets Cash =116-115-113-H9-H8 Supplies =C5 Prepaid insurance =C6 Total current assets Fixed assets Equipment =C7 Less: Accumulated depreciation - equipment =D8 Intangible assets Trade mark Total assets Liabilities and stockholders equity Current liabilities Accounts payable =D10 Salaries and wages payable =D11 Unearned service revenue =D12 Total current liabilities Long term liabilities Bonds payable Total liabilities Stockhodlers equity Common stock =D14 Retained earnings =D15-C22 Total stockholders equity Total liabilities and stockholders equity =130 =SUM(H19:H21) =D13 =122+I24 29 =H28+H27 =129+125 30 31 32 Sheet164 Sheet165 Sheet166 Sheet167 Sheet168 Sheet169 Sheet170 Sheet171 Sheet172 Sheet173 Sheet174 Ready W 100% 1 Type here to search O חד 59% » ENG 00:35 22-09-2020