CLC Balance Sheet Accounting Question
Question Description
I’m working on a accounting question and need an explanation and answer to help me learn.
1.Below is the adjusted trial balance for Buy More:
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Buy More |
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Adjusted Trial Balance |
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December 31, 2018 |
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Debit |
Credit |
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Cash |
$ 10,000 |
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Accounts Receivable |
5,000 |
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Prepaid Rent |
3,000 |
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Prepaid Insurance |
2,000 |
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Supplies |
1,100 |
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Short-term Investments |
880 |
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Investments in Securities (5 years) |
10,000 |
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Building |
50,000 |
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Land |
25,000 |
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Accumulated Depreciation-Building |
$ 5,000 |
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Trademark |
2,500 |
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Goodwill |
10,000 |
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Accounts Payable |
8,000 |
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Unearned Revenue |
3,500 |
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Notes Payable(3 months) |
5,000 |
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Notes Payable(7 years) |
15,000 |
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Common Stock |
45,000 |
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Retained Earnings, December 31, 2017 |
18,500 |
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Dividends |
1,100 |
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Fees Earned |
25,580 |
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Salaries Expense |
2,500 |
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Rent Expense |
1,700 |
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Utilities Expense |
800 |
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Total |
$ 125,580 |
$ 125,580 |
1.Prepare a classified balance sheet as of December 31, 2018. You must calculate ending Retained Earnings balance for December 31, 2018.
[HINT: Do closing entries or a Retained Earnings Statement to find calculate the new Retained Earnings amount.]
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