(Please answer the question the exact same format as in the picture with right o

Question

(Please answer the question the exact same format as in the picture with right options selected.) iPad 2:38 AMM 93%- Kieso, Intermediate Accounting, 16e Hele I CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 5-11 HW4 Exercise 5-3 Presented below is the adjusted trial balance of Wildhorse Corporation at December 31, 2017 Debit Credit Cash Supplies Prepaid Insurance 1,390 1,190 48,190 Problem 5-1 Problem 5-6 4,190 Review Results by Study Objective 1,140 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 10,190 690 2,190 9,190 10,190 25,190 10,190 9,190 1,590 1,390 1,090 Total 1. Net loss for the year was $3,070. 2. No dividends were declared during 2017 Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

Explanation / Answer

C lassified balance sheet as on december 31 ,2017 Assets Current assets Cash 6850 Supplies 1390 Prepaid insurance 1190 Total current assets 9430 Property plant and equipment Equipment 48190 Less Accumulated depreciation equipment -4190 44000 Intangible assets 1140 Trade marks 54570 Liabilities and shareholders equity Current liabilities Accounts payable 10190 Salaries and wages payable 690 Unearned service revenue 2190 Total current liabilities 13070 Long term liabilities Bonds payable 9190 Total liabilities 22260 Shareholders equity Common stock 10190 Retained earnings 22120 Total shareholders equity 32310 Total liabilities and shareholders equity 54570

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