Presented below is the adjusted trial balance of Martinez Corporation at Decembe
ID: 2528524 • Letter: P
Question
Presented below is the adjusted trial balance of Martinez Corporation at December 31, 2017.
Debit
Credit
Cash
$ ?
Supplies
1,350
Prepaid Insurance
1,150
Equipment
48,150
Accumulated Depreciation-Equipment
$ 4,150
Trademarks
1,100
Accounts Payable
10,150
Salaries and Wages Payable
650
Unearned Service Revenue
2,150
Bonds Payable (due 2024)
9,150
Common Stock
10,150
Retained Earnings
25,150
Service Revenue
10,150
Salaries and Wages Expense
9,150
Insurance Expense
1,550
Rent Expense
1,350
Interest Expense
Additional information:
Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)
Debit
Credit
Cash
$ ?
Supplies
1,350
Prepaid Insurance
1,150
Equipment
48,150
Accumulated Depreciation-Equipment
$ 4,150
Trademarks
1,100
Accounts Payable
10,150
Salaries and Wages Payable
650
Unearned Service Revenue
2,150
Bonds Payable (due 2024)
9,150
Common Stock
10,150
Retained Earnings
25,150
Service Revenue
10,150
Salaries and Wages Expense
9,150
Insurance Expense
1,550
Rent Expense
1,350
Interest Expense
1,050 Total $ ? $ ?Explanation / Answer
Martinez Corporation Balance Sheet As at December 31, 2017 Assets Current assets Cash ($54,450-$47,600) $6,850 Supplies $ 1,350 Prepaid insurance $ 1,150 Total current assets $ 9,350 Fixed Assets Equipment $ 48,150 Less: Accumulated depreciation $ (4,150) Equipment (net) $ 44,000 Trade mark $ 1,100 Total fixed assets $ 45,100 Total assets $ 54,450 Liabilities and stockholders' equity Liabilities Current liabilities Accounts payable $ 10,150 Salaries and wages payable $ 650 Unearned service revenue $ 2,150 Total current liabilities $ 12,950 Non- current liabilities Bonds payable $ 9,150 Total liabilities $ 22,100 Stokholders' equity Common stock $ 10,150 Retained earnings ($25,150-$2,950) $ 22,200 Total stockholders' equity $ 32,350 Total liabilities and stockholders' equity $ 54,450
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