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The Sky Blue Corporation has the following adjusted trial balance at December 31.
| Debit | Credit | |
| Cash | $ 1,240 | |
| Accounts Recievable | 2,100 | |
| Prepare Insurance | 2,400 | |
| Notes Receivable(long-term) | 3,100 | |
| Equipment | 12,500 | |
| Accumulated Depreciation | $ 2,800 | |
| Accounts Payable | 5,520 | |
| Salaries and Wages Payable | 1,050 | |
| Income Taxes Payable | 3,000 |
| Unearned Revenue | 620 | |
| Common Stock | 2,500 | |
| Retained Earnings | 1,040 | |
| Dividends | 310 | |
| Sales Revenue | 42,930 | |
| Rent Revenue | 310 | |
| Salaries and Wages Expense | 21,800 | |
| Depreciation Expense | 1,400 | |
| Utilities Expense | 4,320 | |
| Insurance Expense | 1,500 |
| Rent Expense | 6,100 | |
| Income Tax Expense | 3,000 | |
| Total | $ 59,770 | $ 59,770 |
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Prepare a classified Balance sheet at December 31. (Amounts to be deducted by a minus sign.)
♦ Relevant knowledge
Balance sheets are among the most important financial statements created by corporations. The balance sheet displays to readers of balance sheets the financial assets held by the company, its remaining liabilities and the amount of the equity.
1 Answer