Problem 2 Page 2 Chapter 05 Group work - STU.xlsx Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Kelly Corporation Trial Balance December 31, 2020 Debit Credit $ $ $ 1.200 1.000 48,000 $ 4.000 $ 950 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total S $ $ $ 10,000 500 2,000 9,000 10,000 25,000 10,000 S $ $ $ S 9,000 1.400 1,200 900 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. Calculation of cash balance: Total assets Less: Trademark Equipment, net Supplies Prepaid insurance Cash balance at December 31, 2017 Chapter 05 Group work - STU.xlsx Problem 2 Kelly Corporation Balance Sheet December 31, 2020 Assets Current assets Cash Supplies Prepaid insurance Total current assets Long-term assets Equipment Less: Accumulated depreciation-equipment Trademark Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Salaries and wages payable Unearned service revenue Total current liabilities Long-term liabilities Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings ($25,000 - $2,500**) Total stockholders' equity Total liabilities and stockholders' equity