Question

The following account balances appear in the 2018 adjusted trial balance of Blue Devils Corporation: Cash $5,000 Accounts Receivable, 50.000, Supplies, $18.000, Equipment, $120,000 Accumulated Depreciation, $45,000, Accounts Payable, 526.000: Salaries Payable, $16,000Common Stock, $60,000, and retained Earnings Prepare the December 31, 2018, classified balance sheet including the correct balance for retained earnings (Amounts to be deducted should be entered with minus sign.) BLUE DEVILS CORPORATION Balance Sheet December 31, 2018 Current liabilities: Tot current set Toteurrent liabile Stockholders' Equity Long toom antal Tachy

Answer 1

Solution:

Blue Devils Corporation
Balance Sheet
for the year ended December 31, 2018
(In Millions)
Assets	Amount	Liabilities and stockholder's equity	Amount
Current Assets:		Current Liabilities:
Cash	$5,000.00	Accounts payable	$26,000.00
Accounts receivables	$9,000.00	Salaries payable	$16,000.00
Supplies	$19,000.00	Total current liabilities	$42,000.00
Total current assets	$33,000.00	Stockholder's equity:
Long term assets:		Common stock	$60,000.00
Property, Plant and Equipment	$75,000.00	Retained earnings (Bal fig)	$6,000.00
		Total stockholder's equity	$66,000.00
Total Assets	$108,000.00	Total liabilities and stockholder's equity	$108,000.00