Question

Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below,) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below Accounts Debit Credit 10,800 138,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 4,800 24,000 280,000 $123,000 10,800 9,800 3,800 28,000 180,000 48,000 380,000 280,000 14,000 28,000 3,800 Totals $783,400 $783,400

Answer 1

• Balance Sheet, as asked

ASSETS		LIABILITIES
Current Assets:		Current Liabilities:
Cash	$10,800	Accounts Payable	$10,800
Accounts receivables	$138,000	Salaries Payable	$9,800
Prepaid Rent	$4,800	Interest payable	$3,800
Supllies	$24,000
Total current assets	$177,600	Total current Liabilities	$24,400
		Notes Payable [due in 2 years]	$28,000
		Total Liabilities	$52,400
Long Term Assets:		STOCKHOLDER's EQUITY
Equipment	$280,000	Common Stock	$180,000
Accumulated Depreciation	($123,000)	Retained Earnings [ 48000 + 380000 - 280000 - 14000 - 28000 - 3800]	$102,200
Total Long Term assets	$157,000	Total Stockholder's Equity	$282,200
Total Assets	$334,600	Total Liabilities & Stockholder's Equity	$334,600