The Following Data Were Taken from the Adjusted Trial Balance $\quad$

question 93

Essay

The following data were taken from the adjusted trial balance of Kent Corporation. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Kent Corporation
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Adjusted Trial Balance Data
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ December 31,2011
$\begin{array} { l r } \text { Accounts Payable } & \$ 12,000 \\ \text { Accounts Receivable } & 13,000 \\ \text { Accumulated Depreciation-Building } & 6,000 \\ \text { Accumulated Depreciation-Furniture \& Fixtures } & 9,000 \\ \text { Building } & 60,000 \\ \text { Capital Stock } & 40,000 \\ \text { Cash } & 24,000 \\ \text { Copyrights } & 22,000 \\ \text { Dividends Declared } & 12,000 \\ \text { Furniture \& Fixtures } & 15,000 \\ \text { Land } & 25,000 \\ \text { Note Payable (10\%, due in 5 years) } & 40,000 \\ \text { Office Supplies } & 1,000 \\ \text { Prepaid Insurance } & 3,000 \\ \text { Retained Earnings (January 1, 2011) } & 23,000 \\ \text { Salaries Payable } & 2,000 \\ \text { Service Revenue } & 85,000 \\ \text { Salaries Expense } & 28,000 \\ \text { Utilities Expense } & 2,000 \\ \text { Depreciation Expense } & 5,000 \\ \text { Insurance Expense } & 2,000 \\ \text { Office Supplies Expense } & 1,000 \\ \text { Interest Expense } & 4,000 \end{array}$ Required:
Prepare a classified balance sheet in good form at December 31,2011.(Ignore income taxes).

---

Definitions:

Financial Crisis

A situation in which the value of financial institutions or assets drops significantly, often leading to economic recession and needing governmental intervention.

Dial-up Internet Access

An Internet connection method using a standard telephone line for connectivity, characterized by slower speeds compared to broadband.

Slower Form

A term not specifically defined in a technological or scientific context; typically, it could refer to any process or version that operates at a reduced speed compared to others.

56 Kilobits Per Second

A data transmission speed rate often associated with dial-up internet access, representing the transfer of 56,000 bits per second.