Presented below is the adjusted trial balance of kelly corporation at december 31, 2020. debit credit cash $ ? supplies 1,200 prepaid insurance 1,000 equipment 48,000 accumulated depreciation-equipment $ 4,000 trademarks 950 accounts payable 10,000 salaries and wages payable 500 unearned service revenue 2,000 bonds payable (due 2027) 9,000 common stock 10,000 retained earnings 25,000 service revenue 10,000 salaries and 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 2020. prepare a classified balance sheet as of december 31, 2020. (list current assets in order of liquidity.)

The most common classifications used within a classified balance sheet are:

Current assets  

Long-term investments

Fixed assets (or Property, Plant, and Equipment)  

Intangible assets  

Other assets  

Current liabilities

Long-term liabilities

Shareholders' equity

Explanation:

Assets  

Current assets  

Cash                      6850

Supplies                      1200

Prepaid insurance     1000

Total current assets  9050

Fixed assets (or Property, Plant, and Equipment)  

Equipment               48000

Accumulated depre-4000

Total fixed assets       44000

Intangible assets  

Trademarks                   950

Total Intangible assets  950

Tota assets             54000

Liabilities  

Current liabilities  

Account Payable               10000

Salaries and wages          500

Unerned service revenue2000

Total current liabilities         12500

Long-term liabilities  

Bonds payable                9000

Total long term liabilities9000

Total liabilities               21500

Shareholders' equity  

Common stock                 10000

Retained earnings                22500

Total shareholders´       32500

Total liabilities+shareholder54000

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