Beyond Sea Adjusted Trial Balance December 31, 2015 Debit Credit Cash 30,500 Sho

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Beyond Sea Adjusted Trial Balance December 31, 2015 Debit Credit Cash 30,500 Short-term Investments 32,200 Accounts Receivable 244,500 Supplies 11,500 Prepaid Rent 4,000 Prepaid Insurance 2,700 Notes Receivable (due in 3 yrs.) 30,000 Office Equipment 32,000 Accumulated Depreciation 5,500 Delivery Equipment 45,000 Accumulated Depreciation 12,200 Office Building 475,000 Accumulated Depreciation 130,000 Trademarks 8,700 Accounts Payable 57,600 Notes Payable (due within 1 year) 25,000 Notes Payable (due in 5 years) 125,000 Deferred Revenue 10,300 Common Stock 20,000 Retained Earnings 57,500 Service Revenue 805,200 Salaries 180,400 Insurance Expense 13,000 Depreciation 22,000 Rent Expense 74,300 Supplies Expense 3,500 Utilities Expense 2,900 Fringe Benefit Expense 56,500 Gain on Sale of Investments 25,300 Interest Expense 4,900 $1,273,600 $1,273,600 ` REQUIRED: Prepare in good form, a classified balance sheet at December 31, 2015. ( You will have to compute the Retained Earnings at December 31.) Beyond Sea Adjusted Trial Balance December 31, 2015 Debit Credit Cash 30,500 Short-term Investments 32,200 Accounts Receivable 244,500 Supplies 11,500 Prepaid Rent 4,000 Prepaid Insurance 2,700 Notes Receivable (due in 3 yrs.) 30,000 Office Equipment 32,000 Accumulated Depreciation 5,500 Delivery Equipment 45,000 Accumulated Depreciation 12,200 Office Building 475,000 Accumulated Depreciation 130,000 Trademarks 8,700 Accounts Payable 57,600 Notes Payable (due within 1 year) 25,000 Notes Payable (due in 5 years) 125,000 Deferred Revenue 10,300 Common Stock 20,000 Retained Earnings 57,500 Service Revenue 805,200 Salaries 180,400 Insurance Expense 13,000 Depreciation 22,000 Rent Expense 74,300 Supplies Expense 3,500 Utilities Expense 2,900 Fringe Benefit Expense 56,500 Gain on Sale of Investments 25,300 Interest Expense 4,900 $1,273,600 $1,273,600 ` REQUIRED: Prepare in good form, a classified balance sheet at December 31, 2015. ( You will have to compute the Retained Earnings at December 31.)

Explanation / Answer

Answer:

Income Statement Particulars Amount Service revenue 805200 Gain on Sale of Investments 25300 Less: Salaries 180400 Insurance Expense 13000 Depreciation 22000 Rent Expense 74300 Supplies Expense 3500 Utilities Expense 2900 Fringe Benefit Expense 56500 Interest expense 4900 Net income 473000 Retained earnings statement Opening balance of retained earnings 57500 Add: Net income 473000 Retained earnings 530500

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