Prepare a classified balance sheet for Smith Company as of December 31, 2010.
| | Debits | Credits |
| Cash | ? 15,070 | |
| 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 | ? | ? |
| | 155,100 | 155,100 |
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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