Question

Presented below is the adjusted trial balance of Teal Corporation at December 31, 2020. Credit Debit $ ? 1,530 1,330 48,330 $ 4,330 1,280 Cash 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 Total 10,330 830 2,330 9,330 10,330 25,330 10,330 9,330 1,730 1,530 1,230 $ ? ? Additional information: 1. Net loss for the year was $3,490. No dividends were declared during 2020. 2. Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity.)

Answer 1

Balance Sheet of Teal Corporation as on December 31 2020 Particulars Amount Equities And Liability Shareholder's Fund $ 10,330 Common Stock Reserve & Surplus Opening balance Add: Net Loss for year Less: Dividend paid S $ $ 25,330 (3,490) $ 21,840 Non Current Liabilities Bonds Payable $ 9,330 Current Liabilities Accounts payable Salaries and Wages Payable Unearned Service Revenue S $ S 10,330 830 2,330 $ 54,990 Assets Non Current Assets Tangible assets Equipment Less: Accumulated Depreciation $ $ 48,330 (4,330) $ 44,000 Intangible assets Trade Marks $ 1,280 Current Assets Cash (Trial balance bal.fig.) Supplies Prepaid Insurance $ $ $ 6,850 1,530 1,330 $ 54,990

Cash is calculated as balancing figure