Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2007

INSTANT DOWNLOAD

Solution Guide / Answer Key:

ACCOUNTING

E5-11 (Balance Sheet Preparation) Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2007.

Debits Credits
Cash $ ?
Office Supplies 1,200
Prepaid Insurance 1,000
Equipment 48,000
Accumulated Depreciation—Equipment $ 4,000
Trademarks 950
Accounts Payable 10,000
Wages Payable 500
Unearned Service Revenue 2,000
Bonds Payable, due 2014 9,000
Common Stock 10,000
Retained Earnings 25,000
Service Revenue 10,000
Wages Expense 9,000
Insurance Expense 1,400
Rent Expense 1,200
Interest Expense 900
Total $ ? $ ?
Additional information:

1. Net loss for the year was $2,500.
2. No dividends were declared during 2007.

Instructions
Prepare a classified balance sheet as of December 31, 2007

FILE: MS WORD