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Question(s) / Instruction(s):



AC 550

Project I

Balance Sheet



Debits

Credits

Cash

?


Office Supplies

2640


Prepaid Insurance

2,200


Equipment

105,600


Accumulated Depreciation-Equipment


8,800

Trademarks

2,090


Accounts Payable


22,000

Wages Payable


1,100

Unearned Service Revenue


4,400

Bonds Payable due 2017


19,800

Common Stock


22,000

Retained Earnings


55,000

Service Revenue


22,000

Wages Expense

19,800


Insurance Expense

  3,080


Rent Expense

  2,640


Interest Expense

  1,980

_______

Totals

      ?

    ?








Additional information:

1. Net loss for the year was $5,500.

2. No dividends were declared during 2010.



Instructions

Prepare a classified balance sheet for Smith Company as of December 31, 2010.


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